Wall Street’s darling rally just hit a technical speed bump. According to JPMorgan’s Jason Hunter, the S&P 500 and its heavyweight tech crew — the Magnificent Seven — are stuck below crucial resistance levels, raising the risk of a summer slump before any sustainable comeback.
S&P 500 Faces Key Resistance
Hunter flags the 5425-5650 zone as a brick wall for the S&P 500, noting that the index has already rejected that threshold in early-April and is still showing signs of fragility. While bulls may be eyeing fresh highs, JPMorgan’s read is more cautious. According to Hunter, the index could slide back to 4500-4800 — a zone that could mark a “more durable bottom” — before setting up for a more solid rebound later this year.
Magnificent 7 Consolidating Below Breakdown Levels
But the real story, Hunter says, lies in the Magnificent 7 …