JPM was added as Short Setup on July 31st with an entry to be based upon a breakdown of this 14 month uptrend line.  The stock did make a solid break below that support level yesterday and moved back higher this morning to kiss the trendline from below before dropping back.  As such, JPM still offers an objective short entry or add-on around current levels as long as prices do not close back above the trendline.  Please note that I have adjusted the price targets on this trade.  Stops should be determined based upon one’s preferred target.  The previous daily chart followed by today’s updated daily chart are shown below.

Note: For those adverse to shorting individual stocks, as the largest US financial institution, JPM typically carries an over-weighted position as a component of the financial ETFs such as XLF (1x long), SKF (2x short) and FAZ (3x short).  These ETF’s can be used as an indirect proxy to short JPM although the leveraged ETF’s, in particular the 3x’s, should only be used for very short trades lasting no more than a few days and even then, only by very experienced & aggressive traders.  As always, make sure to account for the effects of leverage on your position sizing when trading leveraged ETFs.  (e.g.  $10k of XLF short = $5k of SKF long as you can expect roughly twice the gains (if correct) or twice the losses (if wrong).