Don't be fooled by Monday's bounce, JPMorgan's Marko Kolanovic warned.
The S & P 500 entered the week down more than 5% from an all-time high reached earlier in the year.
A correction is generally defined as a 10% drop from a 52-week high.
"Market concentration has been very high, and positioning extended, which are typically red flags, at risk of a reversal."
"The combination of these macro factors increases the downside risks, and suggests that more Defensive trading should be appropriate," he added.
Persons:
JPMorgan's Marko Kolanovic, Kolanovic, —