After nearly half a year of sideways chop, momentum has been reset in some of the largest and most important names in the market.
Here’s today’s standout:
JP Morgan $JPM is currently exhibiting a Squeeze Score of 89.8 and an even tighter Long-Term Squeeze Score of 97.3.
Here's what the chart looks like:
JPM has been locked in a sideways range for six months. Momentum has reset on both the daily and weekly timeframes on the Strazza Indicator.
We believe the next move out of this range could be explosive, given the amount of energy stored in this consolidation.
The key level is the polarity zone near 295. As long as JPM holds above it, the risk is skewed in favor of the bulls. Below it, and the bears could press their advantage.
