JPMorgan analysts have identified an attractive set-up for the S&P 500, based on their US Tactical Positioning Monitor, which triggered a level similar to late August and late October 2023 lows. Historically, when the indicator has reached this level, the US equity benchmark has gained approximately 3% within the following 20 days. The analysts anticipate the tactical bounce to continue, citing upcoming megacap tech earnings and PCE releases as key factors. They suggest that the market may overshoot to the upside if these releases are favorable, with tech and value stocks leading the surge, and artificial intelligence trades resuming.