US stocks still have "deleveraging space" J.P. Morgan: it will take three months to recover to the level before April.

The latest report released by J.P. Morgan's global market strategy team points out that the deleveraging process started by investors in the United States in June is still ongoing. There is further room for deleveraging in leveraged stock ETFs, options markets, and margin accounts, which will continue to suppress stock market performance in the coming months. They estimate that it will take about three months of volatile trading to bring the ratio of leveraged stock ETFs to underlying market value back to the levels before April.