The banks are moving nicely to the upside. About time and frankly long overdue. I have been bullish on the Fins or Financials for a while now, but the stocks have struggled to gain in a bullish environment. Until recently that is. Now the majority of the banks are trading above their 200-day SMA and are starting to “break out”. JPM is a great example of that today. They broke above a major price level of resistance at $112.50 and have literally just held the highs all day so far. It would not surprise me to see JPM get up to the 52-week highs sooner than later. If the momentum does continue, expect JPM to get there very quickly. Once they make new 52 week highs, I do not expect them to slow down much. We could very well see the banks perform like tech names in the next few weeks. Keep your eyes on JPM and the rest of the Financials.

about the author:

Charles Moon

Charles Moon is a technical "whiz kid" whose experience lies in scalp/swing trading. A patient educator, Charles excels at coaching/mentoring and can make complex concepts simple. Prior to joining the ranks of Prosper Trading Academy, Charles was a proprietary equities trader with Great Point Capital LLC. Coming from a retail trading background, his experience can help those with no experience trading to seasoned veterans.

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