The Ultimate Indicator
Many traders and investors will follow all sorts of oscillators and indicators searching for the holy grail of the stock markets. This one stocks has been the only only indicator that you need to see at this time, it is J.P. Morgan Chase & Co.(NYSE:JPM). Today, JPM stock has really failed to trade higher after the first thirty minutes of the day. When this stock is behaving poorly it is a warning that the major stock indexes could come under some selling pressure this afternoon. JPM stock is trading higher by just 0.05 cents to $32.47 a share. The stock will have some short term intra-day support around the $32.00 level.
Other leading financial stocks such as Goldman Sachs Group Inc.(NYSE:GS), Morgan Stanley(NYSE:MS), and Wells Fargo & Co.(NYSE:WFC) are showing much better relative strength compared to JPM stock. While these stocks are stronger intra-day, it is JPM stock that leads the majors stock market indexes.