JP Morgan Surges To New All-Time High

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

JPMorgan Chase & Co. JPM shares were trading higher by $1.03 at $70.13. Despite weakness in the broad market, the issue has soared to a new all-time high in today's session.

After posting six consecutive closes between $69.04 and $69.56, with a majority of the closes clustered at the $69.20 level, the consolidation phase has been resolved to the upside.

After a slightly higher open, it retreated only $0.08 to $69.20 before resuming its rally. So far, its has surpassed its former all-time high of $69.95, reaching $70.25 and is not backing off far from that level.

JP Morgan is poised to hit a new all-time closing high as the current one stands at $69.56.