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JP Morgan Bank of America CITIgroup

JP Morgan chase and other financial stocks have been forming triangular patterns and are the major component of the Dow. So while the Nasdaq made new highs last month the financials were quiet. However as the Fed moves ahead with higher interest rates tonight how will financial stocks react? US Financial stocks have mostly been happy with the higher rates as they earn higher interest rate spreads on lending and that is a boost to their profitability. So if they do react positively tomorrow these running triangle patterns could be wave 4 and could lead to one more rally to new highs in wave 5 before the trend terminates. On the other hand if they continue to decline you may think of they as ending diagonal patterns.

 jp 200318

Here is also Bank of America

 boa 200318

And CITIGroup

 citi 200318

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