Stock Market Crash: JPMorgan Warns Recession is 'Far From Priced In'

Investors are crowding into the biggest stocks in the S&P 500 at levels seen in prior bubbles.On a surface level, the

"S&P 500 index staged an ~8% rally so far this year, however, the underlying market breadth by some measures is the weakest ever — narrowest stock leadership in an up market since 1990s," said JPMorgan's Global Head of Equity Macro Research."Further, equity upside has been driven by a combination of very narrow growth leadership...and rotation into safety."

Take the top 10 stocks in the S&P 500, for example. They currently make up 28.7% of the index, which is in the 96th percentile all-time, and higher than during the dot-com bubble and the Global Financial Crisis. The 11-50th stocks, meanwhile, make up 35% of the index, less than they do 75% of the time. This shows a high level of crowding at the very top of the S&P 500.Looking even more minutely, the largest two stocks in the S&P — Apple and Microsoft — currently make up 13.

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