JP Morgan Extends Sell Off

JP Morgan Extends Sell Off

Shares of JPMorgan Chase (NYSE:) remain under pressure. In today’s early trade the stock is off 1.8%, top loser in the . This is JPM’s seventh straight decline as it continues to back away from the early June peak (new ’21 highs). Also adding overhead pressure is the 50-day moving average. By next week this MAV will be rolling over.

We expect more downside in the near term. Initial support is the $148-$147 area (March/April lows). Just below is another very solid support zone, $143=January peak.

Note: We are long JPM in some managed accounts.

You can read Gary S. Morrow’s original post here.

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