EMERGING MARKETS-Latam stocks mixed as technicals downbeat

* JPMorgan Chase earnings lift sentiment

* Technicals for local indexes suggest uncertainty ahead

* Brazil's Bovespa sideways, Mexico's IPC up 0.41 pct

By Luciana Lopez and Silvio Cascione

SAO PAULO, April 13 (Reuters) - Latin American stocks traded mixed on Wednesday as a boost to investor confidence from JPMorgan Chase's strong earnings came up against downbeat technical indicators and worries about Brazilian inflation.

The MSCI Latin American stocks index <.MILA00000PUS> edged up 0.15 percent after recording its biggest one-day loss in about a month on Tuesday.

JPMorgan Chase & Co boosted first-quarter profit by drastically cutting the amount of money set aside for bad loans, although analysts questioned whether the gain can be repeated. [ID:nN13242308]

Brazil's benchmark Bovespa index <.BVSP> traded largely sideways, spending time in and out of negative territory.

A slew of technical indicators, such as a bearish moving average convergence divergence, or MACD, pointed to downward momentum for the Bovespa in coming sessions. Recently the index has fallen below several simple moving averages, including its 14-, 50-, 100- and 200-session averages.

"For me, this drop is because of the inflation outlook and the fear that the central bank is falling behind the curve," said Rodrigo Mello, a partner at Oren Investimentos.

Brazilian policymakers meet next week to consider raising the benchmark interest rate beyond its current 11.75 percent as inflation speeds near the top of a government ceiling.

Among stocks falling in Sao Paulo were steelmakers after a stock sale from Gerdau met weak demand, according to an analyst who asked not to be named.

Gerdau, the world's second-largest maker of long steel products, priced on Tuesday what could be Brazil's largest share offering this year. [ID:nN12208007]

Shares of Gerdau fell 1.6 percent, with Usiminas down 2.59 percent and CSN down 2.83 percent.

But developer Rossi Residencial rose 2.87 percent. The company said on Wednesday that contracted sales jumped in the first quarter from the year-ago period.

Shares of entertainment company Time for Fun edged up 0.31 percent as they debuted in Sao Paulo trading.

Mexico's IPC index <.MXX> added 0.41 percent to 37,476.25 as the JPMorgan Chase earnings gave investors hope that other banks in the United States, which consumes the lion's share of Mexican exports, could post similarly strong results.

Traders said the market could trade sideways after a strong rebound from mid-March stalled last week and turned into a pullback. If the index falls below key support at 37,000, the IPC could see more downward pressure.

Shares of America Movil , one of the world's biggest telecommunications firms, rose 0.17 percent, as mining company Grupo Mexico moved up 0.67 percent to recover from Tuesday's lowest close since early March.

Chile's IPSA index <.IPSA> gained 0.66 percent. But the index remained below its 14-day simple moving average after a four-session streak of losses.

Retailers, which had tumbled in the previous session, led gains on Wednesday. Shares of Falabella rose 1.34 percent as Cencosud advanced 1.56 percent. (Additional reporting by Michael O'Boyle in Mexico City; Editing by Dan Grebler)