PremiumAfter a spectacularly-timed switch to 'Tactically Bullish' on April 8th, JPMorgan traders shifted to a more 'Cautious' stance to start last week (shifting to a Defensive stance until we see bond vol dissipate and Tech selling stabilize), pointing to the market setup pointing to an imminent pullback based on:(i) AI / Tech selloff;(ii) potential factor unwinds;(iii) high bond vol;(iv) lack of retail participation; and(v) elevated Equity issuance.