Being an S&P bear is 'fashionable' and not justified

I posted earlier on Morgan Stanley's view:

ICYMI - Morgan Stanley bear says rebound in equities is over

JP Morgan, on the other hand:

• Geopolitics remains a wild card
• but we do not see equities fundamental risk-reward to be as bearish as it is currently fashionable to portray

And thus on traditional defensive stocks

• should not have legs to a bounce beyond the geopolitical dislocation
• underweight these '

Earlier chart I posted on the S&P: