Underneath the impressive market rally is a trend that doesn't seem quite right, according to J.P. Morgan.
is having its best June since 1938, but underneath this impressive rally is a trend that doesn't seem quite right, according to J.P. Morgan.
"Rally leadership doesn't inspire a lot of confidence yet ... In our view, that cross-market divergence can only persist for a short period of time, and the S&P 500 Index rally potential is limited under the current conditions," Hunter said in a note on Tuesday. The S&P 500 consumer discretionary sector has consistently lagged the S&P 500 consumer staples sector ever since last October. For the bull run to last, cyclicals have to take the lead in the rally, according to the analyst.
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