Technical Pieces May Be Aligning for S&P 500 Bottom Near 2,700

JPMorgan sees buying interest coming in below key level
Gartman says bounce toward 2,820-2,850 is ‘reasonable’

John Normand, head of cross asset fundamental strategy at JPMorgan, discusses the resilience of the U.S. economy.Source: Bloomberg)

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By Joanna Ossinger

October 24, 2018 at 11:51 AM UTC

Updated on

October 24, 2018 at 5:04 PM UTC

This article is for subscribers only.

The S&P 500 Index’s drop to its lowest level in nearly five months could be a sign of better days ahead, according to JPMorgan Chase & Co. technical strategist Jason Hunter.

“The break to new correction lows puts the pieces in place for a bottom,” Hunter wrote in a note. “We expect any residual weakness to find buying interest below 2,700.”