S&P 500 Is A Touch Away From Triggering Sell Signal, BofA Says
The S&P 500’s rally to record highs has brought it within striking distance of a sell signal, according to Bank of America Corp.’s Michael Hartnett.
The strategist recommended investors start offloading shares once the benchmark rises above 6,300 points — just 0.3% above its Thursday close. He also reiterated that bubble risks were rising into the summer, with the House passing a $3.4 trillion fiscal package that cuts taxes.
“Overbought markets can stay overbought as greed is harder to conquer than fear,” Hartnett wrote in a note.