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JPM

XLF Getting as tight as it can getPicture perfect chart here. Only 4% between following key levels: - Support line has been tested 5 times & now coinciding with 50 dma - Resistance line has been tested 2 times & has been coinciding with 200 dma Daily RSI convergence confirming price action While in the middle of those support / resistance lines, 2 major dma's, we are also stuck between the 50 & 61.8 retracement levels (Pre-Covid high to Covid low) Is the massive $C breakdown this week to be interpreted as a signal of strength or a look into the future for the financial sector? With $XLK & $XLV having already posted huge recoveries and subsequent gains on the year, is it $XLF's turn to run hot in the reflation trade? Can $XLF hold its gains if the rest of the broader market continues to sell off lower, representing what would most likely be dubbed the 'Great Rotation' ? So many questions, however I think this chart & the $SPX chart is all you're going to need over the next month and a half heading into election. If (lol) - WHEN this thing breaks out, on notable volume and a huge move in the RSI, I think it'll drag the market along with it, whether to the upside or downside. ** I am currently sitting on a bullish $BAC position, so my bias is bullish but it can easily head the other way.
AMEX:XLF
by cduxtrades
Elliot Wave Model for JPMThere are a lot of different models for this, and It's hard to determine, but some of the models I have seen have the first wave forming at the first high after the covid sell-off (96.55), but I consider that cluster part of market chaos/confusion and consolidation and therefore part of the formation of wave 1, which saw a high 103.47, wave two was a relatively short pull-back from mid April to mid-May followed by wave 3 that reached nearly 115 high. I believe we have been in a long drawn out pull-back since, wave 2 was relatively short and concise, and as such, it makes sense that wave 3 has been longer and meandering (and utterly frustrating), as this is typically the case with waves 2 and 4 (when one is long the other is short or vice versa). At this juncture we may be heading into the beginning of wave 5, where we will break the pre-covid highs in the region of 125, after which we will begin a new cycle. Enjoy, thoughts please.
NYSE:JPMLong
by nycmary
1
Fractal, where art thou fractal? JPMDown to 97 (thereabouts) a gap up to 103…then 105….upward to 110 (ish), back down to 106 (ish) and a decent to 112-115…all in the next two-three weeks. That’s all folks. It’s all in the starts…err…ummm, it’s all in the triangles…the fractals the waves…what have you, but it is there!! All the banks will follow a similar galactic trajectory---and by “galactic” I mean a little push withing the stratosphere, but hey, up is up…until it comes down.
NYSE:JPMLong
by nycmary