Equity Technical Update: Broadening and Rotation, but the Signaling Isn’t as Positive as it was Coming into the Year

Research evidence excerpt

Equity Technical Update: Broadening and Rotation, but the Signaling Isn’t as Positive as it was Coming into the Year

J P M O R G A N Global Markets Strategy

22 July 2026

Equity Technical Update

Broadening and Rotation, but the Signaling Isn’t as

Positive as it was Coming into the Year

Technical Strategy

Jason Hunter AC

(1-212) 270-0034

jason.x.hunter@jpmorgan.com

J.P. Morgan Securities LLC

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• The S&P 500 Index has struggled to surpass the 7500-7575 resistance zone that

we noted in our early-July update. Despite the lack of progress, the broad

index’s sideways action still keeps the broader rally structure in gear, and on

its own merit, favors a break higher in the weeks ahead. Tactically, a break

below the 7422-7431 recent range lows would risk a further drop to support

levels at 7197, 7121, then key breakout levels closer to 7000. We continue to

think a late-July/early-August drop into that confluence of levels would

represent a short-term buying opportunity.

• On a short-term basis, the Philadelphia Semiconductor Index's rebound needs