Locked
A BofA stocks indicator is close to signaling ‘Buy’
Bank of America Corp.’s so-called Sell Side Indicator is at its lowest level since 2017. Such levels typically trigger rallies, with 12-month returns for the benchmark S&P 500 Index positive for 94% of the time.
By Abhishek Vishnoi
(Bloomberg) — A key indicator of US stocks is close to flashing a "buy" signal, supporting bulls who have pushed equities higher in the run-up to Wednesday's Federal Reserve meeting.
Bank of America Corp.'s so-called Sell Side Indicator — a measure of Wall Street sentiment on stocks — is at its lowest level since 2017. Such levels typically trigger rallies, with 12-month returns for the benchmark S&P 500 Index positive for 94% of the time, strategists including Savita Subramanian wrote in a note dated Nov. 1. The median gain in such scenarios is 22%.
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