12pm update - eyes on the meddler

Whilst the market is doing its usual nonsense intra-day bounce, a reminder that JPM is having 'issues'. There is the likelihood the 'bad London trade' might total more than $10bn. There are also other matters that will likely severely impact the next 2-4 quarters.


JPM, daily

Interestingly, its now certain JPM will experience a death-cross in the next few days, where the 50MA crosses under the 200MA. The fact the 10MA has also now failed to break above both, is also very bearish.

The overall formation is a clear bear flag of course, and todays move lower is a VERY clear break. My target is indeed $27..a move into the 26s would indicate $20 later in the year.
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meanwhile, back at the big wheel...


Sp' daily5

Summary

I'm not expecting anything from today, we'll probably close flat, or even a touch green. There is nothing in this market right now suggesting downside. Even if we do start properly slipping lower tomorrow, even a move to 1330 doesn't break the up channel, so bulls have a clear 40pts buffer zone.

Time for lunch!