Watch J.P. Morgan JPM at ~48.85
If markets+JPM open higher and JPM hits close to this level of 48.85 ( +- 0.50 ) with SPX ~1342, DOW ~11820 then look for possibility that the top has been put in. This price target for JPM is only for this week and could change next week.
Market has moved up last two days from a smaller buying pressure and could reach the lows on that measure - highs in price , ushering correction. JPM is a part of BKX and BKX is at the resistance 114.60 ,120 and 122 all with precision 0.50.
Only a blow-out move up will save the top here and take BKX to 122 area. Alternatively we will back and fill again until we get to BKX 122 Our expectation is that 114.60 will hold or the DOW and SPX resistances will have to be reevaluated up as well by about 3-4%.
Just like our XOI see (borisc.blogspot.com), this may work the same way where initial resistance 114.60 is held then penetrated on the spike to 120-122 area and reversed.
Please understand we are short term traders and do not take seriously any predictions until our short/ultra-short indicators tell us to take action.
We advise you do the same.
If the above is unclear, please read the text in reverse, I must have been thinking in Hebrew, while writing this article (: :). Alternative... email me.
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