Retail Radar: Jul 29 – Momentum Unwind, Cutting Tech Losses

Research evidence excerpt

Retail Radar: Jul 29 – Momentum Unwind, Cutting Tech Losses

J P M O R G A N Global Markets Strategy

29 July 2026

Retail Radar

Jul 29 – Momentum Unwind, Cutting Tech Losses

Retail Trading Activity Overview Equity Strategy and Quantitative

Research

• Sentiment deteriorated further this week as retail flows meaningfully Arun Jain AC

weakened, reaching their 0.8%ile vs 1y history; this time, retail investors (1-212) 622-9454

arun.p.jain@jpmorgan.com

aggressively pulled out of single names (3.2%ile, with 4 consecutive days of J.P. Morgan Securities LLC

single-stock selling, Figure 10RetailInvestorDailyPurchasesbyStocksandETFs), while only modestly adding exposure to ETFs AC Shizuka Suga, CFA

(1.6%ile). (1-212) 622-2134

• Within ETFs, Tech saw significant outflows—the second-largest on record, shizuka.suga@jpmorgan.com

behind only the week ending June 10th, Figure 5WeklyOutflowsoutofTechETFswerethesecondhighestonrecord, driven primarily by SOXL J.P. Morgan Securities LLC

(-1.2z, Figure 6CumulativeRetailImbalanceinSOXL). Retail investors also cut exposure to crypto ETFs, led by Ana Pous Avila

BITO (-4.9z). (1-212) 622-0496

ana.pousavila@jpmorgan.com

• Single-stock selling was overwhelmingly concentrated in Tech. Hardware J.P. Morgan Securities LLC

names took the brunt of the selling, posting their largest weekly selling on William Matheson

record, Figure 7WeklyOutflowsoutofTechHardware&Equipmentstockswerethehighestonrecord. SNDK was the biggest driver (-3.2z), followed by AAPL. In (1-212) 622-9538

broader Semis, MU moved into the most-sold list among retail investors—just william.matheson@jpmchase.com

J.P. Morgan Securities LLC

a few weeks after consistently featuring alongside SNDK among their

Khuram Chaudhry favorites, Figure 8MemoryStocks:CumulativeRetailNetBought.