The (Investment) banks that got bailed by the Fed not so long ago have been the party poopers of this latest market rally and is that a possible warning sign? Would they rather be somewhere else? Guess we'll soon find out.
Let's start with Goldman (2.5x3 close). Still caught in its triangle formation, can't break out up or down. It will resolve soon. Unactivated upside target of $200 required a close above $155, filling the $157.5 box. To the downside, there is an unactivated target of $102.5, requiring the price to fall below $135 to activate. All eyes on Q3 earnings and outlook i'd suggest!!
Bank of America, currently looking like a bit of a wreck to me. Granted, the rally off the bottom in 09 has been impressive but this has been steroids assisted and the chart appears to be rolling over with the bears back in control for now. If you 'flipped' this chart, you might be thinking 'double top' So i'm thinking a potential double bottom back down towards that target of $4, which is now active (remember where you first heard it!!)
CitiGroup, still looks like a dead man walking. Keen observers will also see one of the most obvious flaws of daily closing P&F charts. The conventional price targeting would give Citi a downside target of $0 based on that last column of 14 0's down!! For a stock at this level you'd really need to look at hourly charts, with a box size of an eighth or quarter perhaps.
And finally it's interesting to note that JPM, has probably been the one out of all four to have donned its party rags, joined in the recent fun and not pooped as much as the others. Currently stuck in a $5 range between $36 and $41 (the support at $36 twice is clear for all to see) but that $5 to the upside from $36 did provide a tidy gain of 13%. So this $36 level is clearly important and needs to be taken out to get that downside target of $25 active.