Bank of America identifies 3 indicators that could make or break the stock market this summer – and warns they're all deteriorating fast
In addition to the evolving situation on the ground, there are market-based indicators that are just as useful in clueing investors on what happens to stocks next.
"Although seasonality is bullish and sentiment remains mostly constructive, this deterioration across several notable market indicators could delay and/or could test our conviction in a summer rally for US equities," said Stephen Suttmeier, the chief equity technical strategist at Bank of America. In early June, there were disproportionately more advancing companies than decliners listed on both the New York Stock Exchange and in the S&P 500. These trends helped confirm the rally that rounded out the benchmark index'sHowever, this breadth indicator began to weaken in June. Suttmeier considers the slump a risk for the month of July, which is seasonally a strong period for the market.
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