Pull Back Fishing/TopsFinancials had quite a run during our Bull market.
Time to pay the Piper I suppose.
JPM has an ugly top but maintained up there for quite a while. I like this stock but am thinking it has some downside left to go.
Short interest is very low at .52%.
I do know some do not agree, but in my experience, the tops and bottoms of gaps/windows, can provide support as well as resistance. There is no price action inside a gap, so I look to your left at prior price action for support while inside a gap. If I do not see major price action to the left and price has broken the top of a gap, I find price will usually hit the bottom of the gap. As of late some securities are in Free Fall mode and will parachute right through the top and bottom of a gap without so much as a pause as if the market is literally bleeding. Until the hemorrhaging stops and that would mean something in this economy has to change, I am being careful.
I plan to wait but I know many love this stock.
Price is under all of it's long term moving averages. Moving averages are lagging indicators.
Folks tend to sell the securities with the most gains, so it is time to maybe look at the high flyers right now when the economy is sucking wind. Often those will suffer the greatest declines.
I am guessing it is time we admit we lost our bull market and time to readjust. I know we will have good days as a bear market is not like "everyday is a rainy day" and there will be rallies up.
JPM made 2 attempts after high of `172.96 to beat this high without success. This can be a sign that a security is at it's top.
This particular ugly top was iffy a price kept trying to go up for a while and it was not clear that a top was reached. But it was, for now.
No recommendation
