Why JPM's Breakout Might Just Be Getting Started

JPMorgan (JPM) just did something no bank has ever done - it's closing in on a trillion-dollar valuation, sitting about 8% away. But the real story is the chart. After 10 months chopping sideways between roughly $280 and $335, the stock broke clean through that ceiling to all-time highs, closing at $346.91. Price is stacked above its rising 8/21/34 EMAs on both daily and weekly, relative strength flipped from laggard to a strong 73/100 rank, and the momentum squeeze hasn't even released yet.

The timing helps too: JPM just posted the highest profit in U.S. banking history ($21.2B on $58B revenue), and it doesn't report again until October 13 - meaning weeks of potential post-earnings drift with no earnings landmine in between. It's also still cheap at 14.63x forward earnings versus the market's 20x.