BofA's indicator is signaling S&P 500 will rise 13% over next 12 months
Bank of America analysts remain optimistic about the stock market, despite the hesitation of strategists to increase equity allocations in June.
The BofA note highlights the indicator's historical performance as a contrarian signal. Although currently in"Neutral" territory, which is less predictive than extremes, the SSI still points toward healthy returns.over the next twelve months based on this neutral reading. Historically, when the SSI has been at similar or lower levels, the S&P 500 has risen 94% of the time over the NTM.
While they acknowledge a"constructive backdrop" for equities, they believe opportunities may lie in cyclical areas rather than the broader market.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Barry Bonds becomes first player in MLB history to have 500 homers and 500 stealsToday in Sports, June 23 - Barry Bonds becomes first player in MLB history to have 500 homers and 500 steals
Read more »
Barry Bonds becomes the 1st player to hit 500 home runs and steal 500 basesThis Date in Baseball, June 23 - Barry Bonds becomes the 1st player to hit 500 home runs and steal 500 bases
Read more »
IndyCar moves to Fox Sports in 2025 after 16 seasons with NBCFox now has Daytona 500 and Indy 500
Read more »
13-year-old among 2 killed, 13 others hurt in Chicago weekend shootingsChicago weekend shootings leaves 13-year-old among 2 dead, 13 others hurt
Read more »
Blake Walston Injured, Diamondbacks Make Slew of Roster MovesA tired bullpen pitching 13 games in 13 days receives reinforcements.
Read more »
Ticketmaster hack may affect more than 500 million customersA group of hackers claimed this week to have stolen 1.3 terabytes of Ticketmaster user data, including names, addresses and credit card information.
Read more »