JPM Trading Desk: "Pullback May Last Few More Days... And Then GAMETIME: We See SPX 7,000 In November"

The SPX fell for the third consecutive day, its longest losing streak since late August, leaving the index down 89bp WTD, its worst loss in 8 weeks if the weekly result stands. This, according to JPMorgan's Market Intel team, appears to be a technically-driven move, potentially a combination of negative seasonality and rebalancing more so than valuation. 

Here is JPM's Market Intel take on Thursday's solid economic data.