CNBC Pro

JPMorgan: Bull market still alive, rebound ahead

Sylvain Sonnet | Photographer's Choice RF | Getty Images

As the battle between the bulls and the bears heats up over the direction of this six-year bull market, charts of the S&P 500 index are flagging a potential rebound ahead, according to a JPMorgan chart analyst.

After moving sideways for most of the year, the S&P 500 broke below its trading range last month, dipping into correction territory for the first time in four years, down more than 10 percent.

The rapid drop, however, was quickly followed by a rally of 6.7 percent from the double bottom at the 1,867-level hit in late August, leaving the index right in the middle of the major support and resistance parameters, according to the top chart analyst.

More In Investing

CNBC ProBank of America downgrades Kohl's to underperform, sees risk to the stock with deal off the table
watch now
VIDEO45:44
CNBC ProCNBC Pro Talks: Tech investor Gene Munster on stock picks for the beaten-up sector
CNBC ProUnderwater bitcoin miners are turning up the selling pressure on crypto