JPMorgan Chase & Co

JPM remains in a Stage 2 uptrend with supportive higher-highs and higher-lows, but the recent blow-off top and engulfing reversal have ushered in a controlled pullback into rising EMAs. This retracement in an overbought context suggests a disciplined pullback entry near the 9/21 EMA zone in line with Growth at Reasonable Price discipline. Medium-term bias stays bullish, while short-term timing requires absorption of this pullback before full engagement.

• ↑Q1 net income $16.5B, EPS $5.94, revenue +10% YoY to $49.4B
• ↑Investment banking fees +28% YoY support strong deal pipeline
• ↓Basel III G-SIB surcharges to raise capital costs by ~$20B