JPMorgan Desk Turns Tactically Bearish, Sees S&P Dropping To 6,270

For much of the past year, with a brief exception around Liberation Day when they correctly turned bearish ahead of the April event, JPM's market intel desk stuck stubbornly bullish even as its clients turned bearish only to be forced to chase stocks into record highs. Well no more: one week ago, we reported that the Market Intel team turned "Tactically Cautious" as it prepared "for what may be a multi-week period of elevated uncertainty" adding that "the market fall out is likely to trigger de-risking which we feel creates a buying opportunity, should that come to fruition." 

Fast forward to today when the de-risking came much faster than expected,and this morning JPM's Market Intel team turned Tactically Bearish, citing technicals as the primary reason for their downgrade of the market's near-term prospects.