$SPY Are you bullish in 2021? What would it do to $SPG?! $JPM thinks the equity market has one of the best setups for sustained gains in years. The road is clear for 4500 in S&P500 by dec21. Here are the 7th heaven reasons: 1. key risks subsiding (e.g. US elections, pandemic and vaccine news, etc.) 2. central bank policy continues to be accommodative and a major pillar of support for equity multiples. 3.expect some incremental fiscal stimulus 4. less incremental negative headlines on issues of trade 5. positioning has been light and below average levels for systematic quaint but also discretionary investors given stubbornly high market volatility. We expect continued volatility compression in the coming months to drive a mechanical re-leveraging process further supporting equity multiples. 6. corporate will likely deploy incremental capital towards M&A and buybacks 7. Earnings expectations still have room for upside surprise with 2022 growth likely pulled forward to 2H21.