S&P 500 Market Outlook: Neutral & Improving
Bullish Trade: JPM $108.56 – Financials
The bullish DailyPlay we chose for Wednesday, Sept 4th is JP Morgan (JPM). JPM is part of the Financial Sector (XLF). XLF has declined 2.50% lower over the past month and its 1m and 6m trend turned bearish on Aug 14th while printing higher lows.
JP Morgan’s 1m and 6m trend turned neutral on Aug 29th and recently bounced higher off its $108 support level. With a technical score of 7 (out of 10), JPM is a strong stock that will likely continue higher.
As a stop loss, if JPM was to trade below $108 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade.
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