The most important stock in the market, today, is J.P. Morgan Chase & Co. (JPM), which has led the major indices both higher and lower over the past five years. Recently, JPM has been bombarded with negative news regarding its highly publicized 'London Whale' loss. When JPM declines, it's often viewed as an overall market barometer. Market watchers should note that JPM just traded into a mountain of chart resistance around the $51 level. JPM's daily chart is signaling some support around $47. If that level fails to hold as support, it could spell real trouble for the stock market in general and financial stocks in particular. Short-term traders should watch for intra-day support around the $48.40 level.
Others To Watch
A few other financials traders should follow closely include Deutsche Bank AG. (DB), Goldman Sachs Group Inc. (GS), BlackRock Inc. (BLK) and Bank of America Corporation (BAC). This industry group has been one of the top sectors since October 4, 2011. If this sector starts to rollover it should indicate that a true stock market correction is underway. Until that time, just follow the financial stocks.
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This Stock's A Barometer, So Watch It!
Published 03/20/2013, 01:22 PM
Updated 07/09/2023, 06:31 AM
This Stock's A Barometer, So Watch It!
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Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
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