JPM J.P. Morgan Chase Daily Chart Upward-Sloping Channel Overbot Rising Wedge Negative Divergence Earnings 10/12/12

JPM and WFC earnings are released pre-market tomorrow.  On these earnings days, anything can happen.  The JPM weekly chart allows a potential move to 45 to test the prior tops but the daily chart here is bearish. The overbot conditions, red rising wedge, and negative divergence all indicate that JPM should receive a spankdown. But, again, if the numbers impress, price can launch to the top rail quickly at 44 if not the 45 level. If earnings are in line or weak, the chart should control the move and a sell off to the 20-day MA at 41 would be expected, and the lower rail at 40. We do not have to wait long, the result will be known in a few hours. This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.

Note Added 10/12/12 at 8:03 AM EST:  JPM beats on earnings with 1.40 versus the 1.22 estimate and also on the top line with 25.86 billion versus the 24.53 estimate.  A conference call occurs within the half hour which will address all the nuances in the numbers, special charges and other fuzzy math. JPM is up to 42.40 pre-market about 30 cents above yesterday's close, say about 0.7%, definitely not the wild upside orgy spikes that are typically expected with the banksters.  Watch JPM as the con call occurs.

Note Added 10/12/12 at 9:22 AM EST:  JPM petered out as the fuzzy math was revealed.  Now down 0.7% pre-market to 41.81.