JPMorgan Chase (JPM) Options Signal Bullish Momentum: Key Strike Levels and Trading Setups for 2026

• JPM is trading at $322.47, up 0.08% with a short-term bullish Kline pattern and long-term upward trend.
• Options data shows heavy call open interest at $325 and $335, while puts cluster at $315 and $312.50, signaling a tug-of-war between bulls and bears.
• Technical indicators (MACD, RSI) and Bollinger Bands suggest the stock is near a potential breakout zone.

Here’s the takeaway: JPM’s options activity and technicals point to upside potential in the near term, but caution is warranted given the bearish put skew. Let’s break it down.

Options OI and Market Sentiment: A Bullish Battle at Key Strikes

The options market is locked in a tight contest. For this Friday’s expirations, calls at $325 (OI: 2,837) and $335 (OI: 2,348) dominate, while puts at $315 (OI: 2,211) and $312.50 (OI: 1,791) show bearish positioning. The put/call ratio of 1.09 (based on open interest) hints at a slight bearish edge, but the stock’s position near the upper Bollinger Band ($331.52) and rising moving averages suggest bulls are in control.

The next Friday’s options chain amplifies this tension: calls at $332.50 (OI: 2,093) and $340 (OI: 1,441) indicate anticipation of a push above $330, while puts at $300 (OI: 1,059) signal a fear of deeper declines. No block trades to note—this is a crowd-driven setup.

News-Driven Tailwinds: JPM’s Strategic Moves and Market Impact

JPMorgan’s recent acquisition of voting rights in Evotec SE and its launch of index-linked review notes add nuance. While the Evotec move is a minor biotech play, the structured products offering ties JPM’s brand to broader market indices, potentially attracting risk-on capital. Investors may view this as a sign of confidence in the bank’s ability to engineer returns, which could indirectly support JPM’s stock price.

However, the voting rights update (reducing stake from 5.62% to 3.64%) might raise eyebrows. But for JPM itself, this is more about strategic diversification than a red flag. The key is whether retail and institutional investors perceive these moves as value-adding—so far, the options data suggests they do.

Actionable Trade Ideas: Calls, Puts, and Price Levels to Watch

For options traders, consider these setups:

• Bullish Play: Buy JPM20260102C325 (this Friday’s $325 call). If JPM breaks above $325, the call could capitalize on the heavy OI at that level. A tighter play: JPM20260109C332.5 (next Friday’s $332.50 call) if the stock tests the upper Bollinger Band.
• Bearish Hedge: Buy JPM20260102P315 (this Friday’s $315 put) for downside protection. The put OI at $315 suggests a psychological support level—if JPM dips below $320, this strike could offer a safety net.

For stock traders, here’s the plan:

• Entry: Consider buying near $320 if the stock holds above its 30D moving average ($313.29). A break above $325 could target the upper Bollinger Band at $331.52.
• Stop-Loss: Place a stop below $318 (middle Bollinger Band) to avoid a potential pullback.

Volatility on the Horizon: What’s Next for JPM?

The coming days will test JPM’s resolve. A close above $325 could trigger a rally toward $335, fueled by the heavy call OI at that level. Conversely, a drop below $315 might see bears take control, but the 200D moving average ($285.56) is a long way off—giving bulls plenty of room to act.

Bottom line: JPM is in a bullish sweet spot technically, with options data hinting at a breakout attempt. But don’t ignore the puts—they’re a reminder that markets can pivot fast. Stay nimble, and let the data guide your next move.