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JPMorgan Stock Holds $348 Ahead of Fed Week as Bulls Eye $356

JPMorgan Stock Holds $348 Ahead of Fed Week as Bulls Eye $356

TradingKey – JPMorgan enters September 11 with the last close at $353.56 (vs. $353.55 chart reference) and down about 1.4% from the previous Friday’s close. However, the stock has given back recent gains and is trading around $353.56, which is above support at $348.97. Next week will be the first of two events which make the outlook for JPMorgan especially macro sensitive. First, the Barclays Global Financial Services Conference, at which JPMorgan will present on September 15. Second, the FOMC meetings, on September 15 and 16, which markets currently see as carrying a substantial probability of another rate hike.

Q2 Underlying Earnings Were Exceptional

JPMorgan reported some very strong quarterly results, posting $21.2B of net income…

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