As a fellow pro trader pointed out late last week, JPMorgan Chase (NYSE: JPM) has been surging with the rise in yields. If you read the charts, though, it appears this surge could be nearing an end in the short-term. Just a little higher from Friday’s close of $66.30, at $67, $JPM will hit significant resistance. This resistance is from an up-sloping trend line dating back to February coupled with where a prior breakdown occurred. See this on the daily chart below. $JPM should experience a pullback if it reaches this resistance point. I’ll be watching to pull the trigger on a swing trade, either shorting $JPM itself, or buying $FAZ.

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By Pro-Trader

Caralee Carlson