JPMorgan strategist predicts S&P 500 could fall 23% by 2024, but recent small cap gains challenge bearish view
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JPMorgan strategist Jason Hunter expects S&P 500 to fall 23% to 3,500 by mid-2024 due to lack of market breadth
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Hunter's bearish outlook based on mega-cap tech stocks driving recent rally
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Small caps and laggard stocks surging would challenge Hunter's view and force a rethink
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Russell 2000 small cap index up 7% last 4 weeks, outpacing S&P 500
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If laggards breakout, JPMorgan will likely have to revise 2024 stock market trajectory