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The market intelligence team of JPMorgan Chase has downgraded its tactical view on the US stock market to cautious/neutral, and expects the index to remain volatile in the next 2-3 weeks, with sub indices and individual stocks experiencing increased volatility. The fundamentals of the US economy and corporate profitability remain strong, with adjustments leaning towards short-term risk management. The implied probability of a September interest rate hike in the bond market has increased from about 35% to 58%. The JPMPURE momentum index has fallen more than 21% from its June high, and the Classic momentum index has fallen nearly 34%, exceeding the typical retracement range of 10% -15%. The TPM in the United States is in the 37th percentile and is expected to fluctuate in the next 3-4 weeks. In the next stage, it is necessary to observe inflation and expectations of interest rate hikes, credit spreads, and the speed of momentum clearing. Stocks with higher crowding and dependence on momentum to drive bear greater internal volatility.