Positioning Intelligence | Weekly Wrap: Tech / Momentum Pullback: Some Risk Reduced, but Crowding Still Elevated...Choppiness Likely into Earnings

Research evidence excerpt

Positioning Intelligence | Weekly Wrap: Tech / Momentum Pullback: Some Risk Reduced, but Crowding Still Elevated...Choppiness Likely into Earnings

Act (the “CFTC Rules”).

Options Disclosure: Structured securities, options, futures and other derivatives are complex instruments and may involve a high degree of risk. Before entering into any such transactions, please

ensure that you have read and understood the Options Clearing Corporation’s Characteristics and Risks of Standardized Options, also known as the options disclosure document (ODD) available

at: http://www.theocc.com/about/publications/character-risks.jsp.

Analytics Disclosure: Past or simulated past performance is not indicative of future results. Any modelling scenario analysis or other forward-looking information herein is intended to illustrate

hypothetical results based on certain assumptions, information and/or financial data (not all of which will be specified herein). J.P. Morgan does not guarantee expressly or impliedly the accuracy or

completeness of any information and/or financial data used herein. Further, the information and/or financial data used by JPM may not be representative of all information and/or financial data

available to J.P. Morgan. The information and/or financial data available herein may change at any time without notice to you. Actual events or conditions may differ materially from those assumed;

therefore, actual results are not guaranteed and J.P. Morgan disclaims any responsibility or liability whatsoever for the quality, accuracy or completeness of the information herein, and for any reliance

on, or use of this material in any way. The actual results you see will be based on a number of assumption not all of which will be explicitly disclosed to you.