JPMorgan’s head of technical strategy sees the S&P 500 falling by 23% to 3,500 points by the middle of next year.Brendan McDermid/Reuters
The S&P 500 is likely to tumble 23% to 3,500 points by mid-2024, JPMorgan’s charts guru says.
Jason Hunter, the bank’s head of technical strategy, views a US recession as very likely.
Hunter sees cash and Treasury bonds are safer bets than stocks today.
Prepare for the S&P 500 to crash 23% by next summer and a recession to take hold, JPMorgan’s top charts guru has warned.
The stock market is mistakenly pricing in a “soft landing” for the US economy, where the Federal Reserve succeeds in crushing inflation without causing a recession, Jason Hunter told CNBC’s “Squawk Box” on Monday. But investors will soon realize the outlook is darker than they thought, sparking a sell-off in stocks, the bank’s head of technical strategy said.
“You tend to find your way into a bear market that’s eventually associated with a recession way more often than not,” Hunter…
2023-12-05 15:47:29
Source from finance.yahoo.com