Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

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

Published 04/24/2024, 08:50 PM
© 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."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.