JP Morgan's proprietary US Tactical Positioning Monitori points to promising S&P 500 setup

This comes via a Bloomberg article (gated) conveying info from JP Moprgan:

• their proprietary US Tactical Positioning Monitor, which measures clients’ exposure to US equities, hit a level that reflects an “attractive set-up” for the snp500
• the gauge has historically gained approximately 3% in the subsequent 20 days after a similar four-week change in positioning, compared to circa ~1% gain in all periods.

Bloomberg add that their own info shows investors have pulled around US$200 million out of value based exchange-traded funds this month:

• growth stocks have attracted more than US$3 billion in inflows