Momentum Fusion: The Alchemy of Trend-Following: Technical & fundamental trend capture, signal blending and crash-risk control

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Momentum Fusion: The Alchemy of Trend-Following: Technical & fundamental trend capture, signal blending and crash-risk control

J P M O R G A N Global Markets Strategy

17 June 2026

Momentum Fusion: The Alchemy

of Trend-Following

Technical & fundamental trend capture, signal blending

and crash-risk control

Momentum investing relies on the persistence of trends, but the real challenge is Global Head of Quantitative Strategy

ACknowing which trends deserve capital and which are merely crash-risk in disguise. In Khuram Chaudhry

this note, we build a disciplined momentum framework by testing signals across (44-20) 7134-6297

technical, fundamental, sentiment, and NLP families, then combine the strongest khuram.chaudhry@jpmorgan.com

signals into a more resilient Momentum Composite. This framework moves from J.P. Morgan Securities plc

signal discovery to portfolio construction: build composites, tame crash-risk with Global Quantitative Strategy

volatility scaling, purify exposures, manage transaction costs, and condition Ayub Hanif, PhD AC

allocations using drawdown mitigation tools. The result is not just a single momentum (44-20) 7742-5620

signal, but a full investment process: 1) identify persistent trends, 2) combine ayub.hanif@jpmorgan.com

J.P. Morgan Securities plc

technical and fundamental confirmation, 3) scale exposure when risk regimes

Robert Smith, PhD ACdeteriorate, and 4) implement where alpha survives real-world frictions.

(61-2) 9003-8808

• Momentum: Factors, Factors Everywhere! robert.z.smith@jpmorgan.com

Momentum is not a single signal; the evidence shows that single-factor design J.P. Morgan Securities Australia Limited

matters as much as the style label. On the technical side, the strongest results Arun Jain AC