JPM is noticeably breaking the downward blue sloping resistance of a possible bullish flag, notice on the RSI we have already seen a breakout of the pattern and a re-test of old resistance turning into new support, very bullish.
Not a big fan of JP Morgan, only for bashing Bitcoin, other than that, they have the FED in their back pocket, DON'T FIGHT THE FED, FFS!
Or, did the FED bypass banks with a digital USD?
Time will tell, but the chart is bullish, stonks only go up!
This is an astute observation. In a sense you found an anomaly-- where strength stands out, because that is a sign that there is a pending move or a change in momentum. You seemed to have found the lie-detector test--the lower volume on down days and higher volume on up day (by a significant enough factor) signal that money managers are starting to accumulate and distribute the stock in an aggressive way. I think you found a pivot point---the stock looks like nothing is happening, but as suspected (and this post confirms it) we just might see a sudden gap up.
We shall see.
ScotianBot
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@nycmary, nice summary, I couldn't have said it better myself.
nycmary
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@ScotianBot and the accumulation distribution thesis makes sense especially because one way or another the stimulus package will pass in a matter of weeks--big money is not waiting to "see"-- The tenuous (and blatantly overbought) situation within the tech sector is like a flashing signal screaming for portfolio rotation--the only place to go it cyclicals and banks, money managers don't really have that many choices---Now is the time to buy into the value. Who can predict what will happen, but the dots are connecting. My horizon on JPM is very long---and this week I am focusing on the cyclicals--especially durable goods, airlines, cruises all of the laggards are going to get rotated...and if not now then when? Look anything can happen...but the logic is sound...(Perhaps...or not...the market is a funny animal)...
We shall see.