Bank of America: Stock Market Rally Running Out of Steam as Indicators Turn Overbought
• The "buy" signal in stocks flagged in October is now dead according to Bank of America, as the market nears overbought levels
• Bank of America's Bull & Bear Indicator is now in neutral territory, no longer signaling investors are too bearish
• 62% of global stock indexes are above their 50-day and 200-day moving averages, suggesting stocks are getting overbought
• While other assets like bonds aren't overbought yet, stocks may not be able to sustain their recent rally per Bank of America
• Bank of America recently reversed its mild recession call for 2023 and now sees S&P 500 potentially reaching new highs by end of 2024