JPMorgan's top technical analyst sees a stock market drop ahead in the charts.
"The market keeps a bullish trajectory for now, but we see a growing probability for a summer top and correction into [the] fall," Jason Hunter, the firm's head of global fixed income and U.S. equity technical strategy said in a Wednesday note.
"If U.S. economic surprise indices do not rebound and lead to a bearish trend reversal in Treasuries this summer, we ultimately think the current trend deceleration now present in equity indices will turn into bearish reversal patterns, which in turn could lead to a tradable correction into the fall," Hunter said in the note.
The S&P 500 hit an all-time high Friday of 2,446.20, towards the higher end of the 2,392 to 2,489 range Hunter identified for a possible medium-term top. He sees support for the S&P 500 index at 2,381 to 2,383.