 Welcome traders to the first Earnings Season Preview for 2023 with me, Patrick Munnerly. Today we are going to be looking at JP Morgan, but before we jump into the earnings preview, as always, once we're here to that risk disclaimer, most pertinent to today's presentation is the fact that the views and opinions expressed by me are solely mine. We are looking at the predictive or representative of those held by Tick Mill UK or Tick Mill Europe Limited. So like I say, we are looking at JP Morgan, who are set to announce earnings today before the open of trading in New York. We are looking for an earnings per share estimate of $3.08, based on revenue of 34.35 billion, with gains of more than 20% over the past six months, and 21% in the past three months shares of JP Morgan have been one of the best performing stocks in the financial sector. Despite the backdrop of possible recession, bank is being rewarded for several quarters of operating efficiency. Investors will want to know whether the bank can continue this momentum in the new year. While rate increases are beneficial to bank earnings, those events are not the only metrics investors are going to be watching. The idea of a possible recession is front and center and deciding to invest in risk assets, particularly as there is already evidence of an economic slowdown in several areas of the US economy. These topics will be answered when the company reports its fourth quarter fiscal 2022 earnings, as I said before the open of trading today. JP Morgan has shown that it can navigate these tough headwinds to return value to shareholders, reducing strong third quarter results with revenue growing by 10% year over year. Bank capitalized on higher interest rates resulting in a 17.5 billion of net interest income with strong Q4 profitability guidance of 19 billion. Bank sees no signs of slowing down at the current valuation of 139 per share JP Morgan stock trades below the average price target given by analysts. We'll take a look back in a minute. For this perceived value to matter the bank on Friday must deliver a top and bottom line along with some upbeat guidance. Let's take a look at some of the statistical trading patterns that we see around the JP Morgan earnings release the shares of the stock have moved lower in the immediate aftermath of earnings nine out of the 12 previous reports on average to stop me down 1.8% in the first day after trading post its earnings release based on the previous 12 earnings releases JP Morgan is more likely to trade lower one day after earnings for an average loss of 0.4% on average stock has moved lower by 0.2% one week after earnings. So the analyst perspective is important here and data provided by a trading view shows that the average estimates for the next 12 months comes in at 149 42 for the stock trading just shy of 140 at the close yesterday, the minimum expectation in terms of the 26 hours covering the stock is 118, the maximum 189, and it's a strong buy on the streets at the moment. So let's review some sentiment and flow perspective in terms of JP Morgan investor sentiment going into the earnings release today has 56.3% expecting the earnings beat. There has been some notable options activity with just over 4000 contracts trading at that 135 but which expires today options order flow sentiment in general has been bearish put to call ratio is currently 1.935% of core buyers with 65% puts trading predicted move post the earnings announcement is 3.1% versus an average of actual earnings moves about 2.5% in recent quarters. The options market has overestimated the JP Morgan stock earnings move 75% of the time in the last 12 quarters. So let's take a look at the JP Morgan chart now and see if we can identify any near term trading opportunities based upon the technical setup. From a technical perspective, last time, last earnings release we were looking for a break of this descending wedge pattern to the upside our target on a move through that 107 level was a test of the 133 level, which was our prior way of way for high that trading to target and we have since exceeded that moving up to the 138 80s before a three way corrected pullback. We're now in a potential fifth wave extension to the upside couple of levels I'm paying attention to as post earnings announcement any pullbacks into the trend channel support here 136 135 we're looking for bullish reversal patterns there to engage on the long side I'm targeting a move ultimately to test the 144 level which is the value area I hear versus the 12 month look back in terms of in terms of the volume traded. If we don't find support the 135 136 level any pullbacks into the 134 I'll also be paying attention to how price responds there again bullish reversal patterns, looking to engage on the long side same upside objective into that 144 145. However, if we don't find decent support there, we could see a pullback into the high volume node and monthly projected range support back down towards the 131 level. Once again, I'll be watching for bullish reversal patterns there to engage on the long side, looking for that upside objective 144 145. At this stage, it will take a loss of the 128 70 support zone to suggest more significant bearish price action could be in play. At that stage, if you get a close back through that 128 handle, I'd be looking for a deeper corrected pullback into test support to that 115 118 area that 118 obviously being that minimum downside objective from the analyst community. From there, I've been watching for bullish reversal patterns as I am constructive on JP Morgan over the longer term horizon, and I've ultimately been looking for opportunities to engage on the long side at this juncture so he levels for today are going to be that 136 135. If you find support there then looking at 133 and below their 131, like I say, only really getting meaningfully bearish on a break of 128. As always traders plan the trade trade the plan and most importantly, manage all this until next time. Thanks very much.