S&P 500 Buy Signal Could Be Near, Bringing Potential Upside: BofA
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The S&P 500 is close to flashing a "buy" signal according to Bank of America's Sell Side Indicator.
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This contrarian indicator suggests 15.5% upside for the S&P 500 over the next 12 months.
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Historically, when the indicator has been at current levels or lower, the S&P 500 had positive returns 95% of the time.
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Bearish sentiment has been high recently due to surging bond yields and recession fears.
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BofA argues the economy may hold up better than expected as companies and consumers are insulated from higher rates.