Shares of JPMorgan Chase (NYSE:JPM) remain under pressure. In today’s early trade the stock is off 1.8%, top loser in the Dow Jones Industrials. This is JPM’s seventh straight decline as it continues to back away from the early June peak (new ’21 highs). Also adding overhead pressure is the 50-day moving average. By next week this MAV will be rolling over.
We expect more downside in the near term. Initial support is the $148-$147 area (March/April lows). Just below is another very solid support zone, $143=January peak.
Note: We are long JPM in some managed accounts.
You can read Gary S. Morrow's original post here.