Bad economic data won't be good for stocks, but good data will be even worse, this JPMorgan technical strategist says

After Federal Reserve Chair Jerome Powell’s testimony on Tuesday that the central bank is ready to back to more aggressive interest-rate hikes if economic data doesn’t cool off, it would be natural to think that the market prefers to see the data get worse than get better.

First, he says, the S&P 500 index looks overvalued, given the shape of the money market curve. A model using regression analysis finds the S&P 500 more than 5% overvalued, or more than 1.5 standard deviations too high, he says.

Looks like the stock market is full of surprises these days!

So what’s good 🙉it’s the worse news

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