JPM J P Morgan Chase Daily Chart

JPM chart is a main financial player so it tracks the XLF closely. JPM received the red line negative divergence spank down in February. Price continues to try and hang on to the lower trend line of the upward channel now. This 45.50 to 46.00 area represents a confluence zone of price, MA's and the lower trend line so a move above or below here carries big clout moving forward. The bears would be favored since the 20 MA has now crossed under the 50 MA.

The H&S shown with green lines shows a head at 48.0, neck at 43.5, for a 4.5 difference, thus, 43.5-4.5=39 target which is also horizontal support. There are many gaps for price to fill on the way lower but looking above instead, a juicy gap at 47.5 exists. Price should close the gap above since its only a buck and a half higher, if it does, this may provide a nice short entry, at that point all the loose ends will be taken care of above, and the door will open for lower prices. Sideways to sideways down moving forward. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.