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JPMorgan says S&P 500 tactical bounce 'poised to continue'

Published 24/04/2024, 13:50
© Reuters.

Analysts at JPMorgan said in a client note Wednesday that its US Tactical Positioning Monitor triggered level that shows an “attractive set-up” for the S&P 500.

The monitor measures US stock allocations. JPMorgan said positioning currently compares to that of late August 2023 and the late October 2023 lows, when an attractive set-up was also triggered.

When the indicator has reached a similar level previously, it is said that the US equity benchmark gained roughly 3% in the following 20 days.

“The tactical bounce appears poised to continue with the keys being megacap tech earnings and PCE releases this week,” said analysts at JPMorgan.

They add: "Markets may overshoot to the upside if all above releases are favorable, but buy-the-dip has kicked in with tech and value poised to lead and artificial intelligence trade seen resuming."

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