All articles tagged with #michael hartnett
Bank of America strategist Michael Hartnett warns that the current global equity market rally is nearing a sell signal, with 71% of equity indexes trading above their 50- and 200-day moving averages. A reading above 88% would trigger a contrarian sell signal, indicating potential overheating.
Bank of America strategist Michael Hartnett warns that the S&P 500 could drop another 5% after breaching a key technical level at 4,200 points. Hartnett suggests that the index may continue sliding until it reaches the 200-week moving average at 3,941, which has historically acted as a long-term support line. The recent decline in US stocks has been attributed to concerns over rising bond yields, geopolitical tensions, and disappointing corporate earnings. However, demand for tech stocks remains strong, with investors "buying-the-dip" in the sector.