JPMorgan Analysis Says S&P 500 Isn’t in a Bubble Till 3,700
- Yearlong, accelerated rally hasn’t developed yet: strategists
- Hunter says current strategy reflects bubble as a tail risk
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U.S. stocks are on a roll -- but they’re nowhere near bubble territory yet, according to a JPMorgan Chase & Co. analysis.
The S&P 500 would need to reach or exceed 3,700 in the second half of the year to show a pattern that’s consistent with prior market bubbles, JPMorgan technical strategists Jason Hunter and Alix Tepper Floman wrote in a note Monday. That would be about a 13% gain from the index’s close on the same day. The gauge rose 0.1% to 3,291.61 at 12:50 p.m. in New York on Tuesday.