"Where From Here": JPMorgan Trading Desk Scenario Analysis

At the start of the week, JPMorgan's Market Intel desk did something uncharacteristic: with stocks tumbling (the S&P briefly below 6600 briefly before closing solidly in the green as de-escalation hopes sent oil sliding), the bank's traditionally cheerful traders said they are turning "tactically bearish" - the first time they have done so since the days just prior to the Liberation Day drawdown - warning that the S&P could drop as much as 10% as it corrects from its all time high, before bottoming at 6270.