On January 7th, J.P. Morgan's Trading Team stated that although the risk of a stock market rise is increasing, the likelihood of a significant Bear Market decline is very small against a strong economic backdrop. After the S&P 500 rose more than 20% for two consecutive years, the US stock market may experience a pullback of 4%-5% or even 10%, but in the context of a higher GDP than the trend level, the Bull Market remains intact, according to Global Market Intelligence Head Andrew.