Given how long price has been compressing, I think the next move out of this range could be powerful.
Consolidations like this tend to build up a lot of stored energy.
The key level I'm watching is the polarity zone near 290.
That's where the VWAP from the April lows converges with the 261.8% extension of the 2021–2022 base, creating a confluence of support.
As long as JPM holds above that level, the risk remains skewed in favor of the bulls and an upside resolution becomes the more likely scenario.
However, if price starts losing that area, it could signal that the bears are beginning to take control — and that would likely have implications for the broader market as well.
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Alfonso De Pablos, CMT
Director of Research, All Star Charts