This morning, J.P. Morgan Chase & Co (JPM) is coming under early selling pressure. The leading financial stock is falling after a government investigation was launched into its Chinese hiring practices. The company has also come under pressure recently after the London whale trading scandal lead to two arrests and caused the bank a $6.2 billion loss. Recently, the financial giant agreed to pay $410 million to settle charges with the Federal Energy Regulatory Commission for manipulating electricity prices.
Today, JPM stock is trading lower by 0.86 cents to $52.42 a share. Day traders should watch for intra-day support around the $51.49 level. This is an area where the stock could see an intra-day bounce. The next major intra-day support level would be at the $50.20 level. Both of these levels can be traded by the scalper for quick bounces.