Reasonable Valuations- The valuations are reasonable as per the investment bank, and their analysis is that the markets are at a 20% discount to fair valuations. \r2. Lower positioning amongst the clients- Their analysis is that cash levels across the clients are high. \r3. Bearish sentiment- The general bearish sentiment of the market participants is a good contrarian indicator to go bullish on the stock markets. \r4. The peak of Fed Hawkishness- The firm believes that Fed hawkishness has peaked. \r5. The peak of the US Dollar- The rally in the US dollar seems to be ending as per the analysis. \r6. Activity indicators are in contraction territory- The bank balance sheets are strong despite the contraction indicating the recovery can be good. \r7. Housing prices have levelled off- Although the prices have come down, as per the analysis by JP Morgan, the prices are stabilizing. \r8. Earning revisions are negative- The negative earnings revision is likely to change soon as per the firm.\r9. Consumers have high savings- Because of Covid, the savings rates are high, which can return to long-term averages. \r10. Global downcycle unlikely to be synchronized- With China recovering, the downcycle is likely turning for the better.