Ok guys, heres one of interest for you.
Was looking at banks today and saw BEN breaking support and seeing quite a bit of weakness across the sector tbh so decided to check in on our US counterparts.
Seems we have a similar set up.
Today all the main banks in Oz are down - except CBA (our biggest bank)
Last night was a similar story in the US with the exception being JPM (the worlds biggest bank)
Checked in on the chart and saw MFI (Money Flow Index - kinda like RSI with volume) is now sitting at 100 on JPM.
Stood out because you don't see that often.
In fact I had to go back to the start of 2018 to find another time when JPM hit 100 on the MFI.
Now before I go on, this is not an entry signal but it should be enough to get your attention and do a little further research for yourself.
Ok, so back to my findings.
Back in 2018 JPM hit 100 on the MFI.
Within the next week it wiped around -12% - yes you read that right.
Now there's plenty of times when MFI will go into heavily overbought and still keep moving higher, so keep that in mind.
So with that in mind there is a very very important level just above.
Sp is currently at 151.45 - just $2 above is the VPOC for the past 3yrs (that got heavily rejected only a short time ago)
Anyway, just thought I'd share as might be nothing or could be something...
JPM Daily
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(20min delay)