JPM - Weekly and Daily Charts

The first chart is a Weekly chart; looks likely its finishing up on closing the window left on a gap down to the $20.00 level. Auto Bailout did not pass and I believe there may be more uncertain in the market and the markets always retest the lows on way or another. Indicators are in a downtrend, as you can see in the Daily chart.

The second chart is a Daily chart; as shown it is currently in a downtrend, I believe Fri was a blowoff of the Auto Bailout not passing and a lot of traders did not want to go into the weekend long or short. The WhiteHouse will have some of the earmarked Financial Bailout package money to be used for the Automarker.

JPM - Running To R1 Level? Can We Break It?

JPM is running to its R1 level of $35 per shr. Can we break it and make a run for the $40 per shr level, it appears that we have a W bottom in place with it clearing and closing above the middle of the W point. As you can see there is heavy R1 Resistance - MA indicators are down to flat on this daily chart.

MA 20 = $35 per shr
MA 50 = $36 per shr
MA 200 = $40 per shr

BAC = Bank of American and MER = Merrill Lynch, shareholder have approved a merger of the two companies, over the weekend and this may help with the financial on Monday Dec 8, 2008. Friday running in the financial sector the Big Boys and Girls were pleased to say the least, as there was a major run up in the Financial Sector. Consolidation within the industry mean money is moving around, who will be next?

JPM seems to be comming out strong in December. As can see on this one minute chart JPM placed a double bottom pattern, which helped it run from 2:30 EST into the close of the day. Close up on the day for a gain of +2. Charts are for daytrade and scapling at this point in time. All cash or trade in and out days are here to stay. Companies are in the process of cutting and trim for the holidays. So, I would be careful in considering this a Holiday or Christmas rally.

Also, for some reason the options symbols have changed for JPM to JSA. So make sure you go to http://www.cboe.com/ for the current symbols and strike prices for your stock.