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☆ The S&P 500 just flashed a bullish signal that suggests the stock market will hit record highs this summer
▼ + stars: | 2024-05-14 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

The stock market just flashed a bullish signal that suggests more upside ahead, according to Bank of America. The S&P 500 and NYSE advance-decline lines hit new all-time highs on Friday. The bullish breadth signal supports the bull case for a 6% gain in the S&P 500 this summer. AdvertisementThe stock market in recent days has flashed a bullish signal that suggests the S&P 500 will hit record highs this summer, according to Bank of America. According to Suttmeier, the bullish advance-decline line, combined with a bullish continuation pattern formed in the S&P 500 this month, means that the index is likely to hit record highs this summer.

Persons: —, Stephen Suttmeier, Ryan Detrick, Detrick, Suttmeier Organizations: Bank of America, NYSE, Service, Carson Group

☆ Bank of America says do not sell in May and go away
▼ + stars: | 2024-05-08 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Investors should ignore the adage about selling off equities in May as a big preelection summer rally could be coming, according to Bank of America. "Do not sell in May and go away," Stephen Suttmeier, the firm's technical research strategist, told clients in a Tuesday note. He pointed to the fact that June through August has been the second strongest three-month stretch for the S & P 500 for all years since 1928. In those three months alone, the broad market index has gained 65% of the time with an average return of 3.2%, according to Bank of America data. .SPX YTD mountain S & P 500, YTD And there's a key factor Suttmeier sees changing the narrative for the better this year: the presidential election.

Persons: Stephen Suttmeier, It's, Jerome Powell, Suttmeier, Williams Organizations: Bank of America, Dow Jones, Federal

☆ Bank of America says buy this dip ahead of a summer market rally
▼ + stars: | 2024-04-30 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

Investors shouldn't get too scared by the recent market pullback, according to Bank of America. The firm believes the recent downside movement is a promising entry point before the market returns to green this summer. April marks the worst month for the S & P 500 since September 2023 as investors' expectations for rate cuts fell on hot economic data. As of Tuesday morning, the S & P 500 was last trading around 5,100. The S & P 500 has tested its 5,000 support level, Suttmeier added.

Persons: Stephen Suttmeier, Suttmeier, — CNBC's Michael Bloom Organizations: Bank of America Locations: upsides

☆ S&P 500 has upside potential to 5600 level, says Bank of America's Stephen Suttmeier
▼ + stars: | 2024-02-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailS&P 500 has upside potential to 5600 level, says Bank of America's Stephen SuttmeierStephen Suttmeier, Bank of America chief equity technical strategist, joins CNBC's "Money Movers" to discuss his outlook for the S&P 500.

Persons: America's Stephen Suttmeier Stephen Suttmeier Organizations: America's, Bank of America

☆ Wall Street is on pace to finish January higher. Why that could be good news for the rest of the year
▼ + stars: | 2024-01-30 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

That's according to the "January barometer" from the "Stock Trader's Almanac," which argues that "as the S & P 500 goes in January, so goes the rest of the year." The S & P 500 has managed to trade above the 4,900 level already this month and is currently up 3.3% in the new year. That's enough to put the broad market index trading above Wall Street strategists' average 2024 target of 4,914, according to the CNBC PRO Market Strategist Survey. .SPX YTD mountain S & P 500 in 2024 Election Year Notably, 2024 is a U.S. presidential election year. By comparison, the S & P 500 typically gains 15% in those years with a higher January.

Persons: Stocks, Stephen Suttmeier, Suttmeier, Sam Stovall, Outperformers, Dow, Stovall, What's, — CNBC's Michael Bloom Organizations: Dow Jones Industrial, Nasdaq, Wall, CNBC, Market, Survey, Bank of America, Dow Jones Locations: U.S

☆ Record highs in the stock market are defying a 100-year-old indicator
▼ + stars: | 2024-01-15 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Record highs in the stock market have yet to be confirmed by a more than 100-year-old indicator. Dow Theory says both indexes need to move in tandem to confirm a bull market in stocks. AdvertisementRecord highs in the stock market have yet to be confirmed by a more than 100-year-old indicator: Dow Theory. The current divergence between the two major stock market averages represents a tactical risk for US equities in 2024, according to a recent note from Bank of America. The continued weakness in the Dow Jones Transportation Average is a red flag because transportation stocks are viewed as a leading indicator for the stock market and economy.

Persons: Dow, —, Stephen Suttmeier, Charles Dow Organizations: Dow Transportation, Dow, Dow Theory, Service, Dow Jones, Dow Jones Transportation, Bank of America, " Bank of America, FedEx, UPS Locations: lockstep

☆ A look at the Santa Claus rally history and whether it can happen into year-end this time
▼ + stars: | 2023-12-19 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

It turns out that the Santa Claus rally on Wall Street extends beyond the official seven-session stretch from December into January for the S & P 500 , according to Bank of America. The official seven-session Santa Claus rally encompasses the final five trading sessions of December and the first two days of January. Historically during that period, the S & P 500 has gained 79% of the time with an average return of 1.66%, Bank of America found. .SPX YTD mountain The S & P 500 is less than 1% away from reaching a fresh all-time high close. This year, the S & P 500 rallied 3.3% over the first 10 sessions of December, which ran through the 14 th of the month, Suttmeier found.

Persons: Santa Claus, Stephen Suttmeier, Suttmeier, Russell, Michael Bloom Organizations: Bank of America, Dow Jones Industrial Locations: Santa

☆ Cash will be put to work if that rally continues, says BofA's Stephen Suttmeier
▼ + stars: | 2023-12-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCash will be put to work if that rally continues, says BofA's Stephen SuttmeierAllianceBernstein’s Jim Tierney and BofA’s Stephen Suttmeier, join 'Power Lunch' to discuss investors loving cash and where to make cash plays.

Persons: Stephen Suttmeier AllianceBernstein’s Jim Tierney, BofA’s Stephen Suttmeier

☆ The S&P 500 could have another 23% upside if this key level is breached, according to Bank of America
▼ + stars: | 2023-11-27 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The stock market could have 23% upside if a key technical level is breached, according to Bank of America. BofA analyst Stephen Suttmeier said a decisive break above 4,600 for the S&P 500 would confirm a bullish chart pattern. AdvertisementA continuation of bullish technical trends in the stock market could catapult the S&P 500 higher by as much as 23% from current levels, according to Bank of America. The S&P 500 traded just above 4,550 on Monday. To fuel the potential stock market upside, Suttmeier said asset managers have plenty of buying power left.

Persons: Stephen Suttmeier, —, Suttmeier Organizations: Bank of America, Service, Bank of America . Bank, Nasdaq

☆ Wall Street is set to wrap up a strong month next week as stocks gun for new highs
▼ + stars: | 2023-11-24 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

Wall Street is set to wrap up a strong month next week as stocks gun for new highs heading into year end. The Nasdaq Composite is on pace to close out the month with a double-digit advance, up 10%. In contrast to September and October, which are typically weak periods for stocks, the seasonal patterns are now in favor of equities. This week, LPL Financial's Adam Turnquist pointed out that more than half, or 55%, of S & P 500 stocks closed above their 200-day moving average. It's set to show a rise of 0.2%, down from the 0.7% rise in the prior month, according to FactSet consensus estimates.

Persons: Stephen Suttmeier, Sam Stovall, That's, CFRA's Stovall, What's, LPL, Adam Turnquist, Turnquist, Wolfe, Rob Ginsberg, Ginsberg, Morningstar's Dave Sekera, Sekera, Morningstar's Sekera, Salesforce, Gartner Organizations: Nasdaq, Bank, Treasury, Costco Wholesale, Kroger, New, Dallas Fed, Richmond Fed, Hewlett Packard Enterprise, NetApp, Intuit, PCE Deflator, Chicago PMI, PMI, Manufacturing, Dominion Energy, Cboe, Cardinal Health Locations: Chicago

☆ The S&P 500 is starting to form a 'cup and handle' pattern. How to watch for the potential breakout ahead
▼ + stars: | 2023-11-21 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

A "cup and handle" pattern is forming in the S & P 500, and could signal a potential breakout ahead, according to Bank of America. The S & P 500 is higher by more than 8% in November, while the Nasdaq Composite has gained 11%. But technical strategist Stephen Suttmeier pointed to a growing "cup and handle" pattern in the S & P 500 that could mean the broader index could swing to new all-time highs. The bullish stock trading pattern is formed when the price of an asset rises, falls to form a base, and then gains once more, signaling a potential buying opportunity. The S & P 500 closed Monday at 4,547.38.

Persons: Stocks, Stephen Suttmeier, Suttmeier Organizations: Bank of America, Nasdaq

☆ The stock market did something special Tuesday that typically means more gains ahead
▼ + stars: | 2023-11-15 | by ( Scott Schnipper | ) www.cnbc.com time to read: +1 min

"We view this bullish breadth day as a sign that the 4Q rally for U.S. equities from ... late October can continue," Suttmeier wrote. The S & P 500 median return the next day was a muted -0.05%. But 10 days later, the median return was 1.44%; 20 days later the index was usually ahead a median 2.24%; and after 30 days it was a median 3.28% higher. After 65 days, median returns were better still, with the benchmark index surging another 6.21% from that original "90% up" day. One time, the maximum return after 65 days was 30.51%, and the maximum loss 65 days after such a "90% up day" was 16%.

Persons: Stephen Suttmeier, BofA, Suttmeier Organizations: Bank of America, New York Stock Exchange

☆ A 'panic spike' is possible late October into November, says Bank of America's chart analyst
▼ + stars: | 2023-10-23 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

A panic spike could send stocks higher heading into November, according to Bank of America. Notably, the S & P 500 closed below its 200-day moving average, suggesting a break in the uptrend, and drew near a key psychological support level at 4,200. Bank of America's Stephen Suttmeier said the CBOE 3-Month Volatility Index (VIX3M) and the CBOE Volatility Index (VIX) could flash an oversold reading below 1.0 as the S & P 500 nears its support levels, a possible capitulation signal indicating it's time for investors to buy. Regardless, Bank of America broadly anticipates the S & P 500 will close the year out at 4,600, according to the CNBC Market Strategist Survey . "In our view, this tactical panic likely coincides with a break below the 200-day MA at 4233 (SPX closed below it on 10/20) and the "FOMO rally / soft-landing" breakout point near 4200 on the SPX," Suttmeier added.

Persons: Stocks, of America's Stephen Suttmeier, Suttmeier, — CNBC's Michael Bloom Organizations: Bank of America, of America's, U.S ., Treasury, CNBC Market, Survey

☆ The S&P 500 is near a make-or-break moment that will decide the bull market's fate
▼ + stars: | 2023-10-18 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The S&P 500 is sandwiched between two key technical levels, and the next phase of the bull market can't continue until a breakout occurs. Bank of America's Stephen Suttmeier outlined the key technical levels to watch on the S&P 500. AdvertisementAdvertisementThe S&P 500 is approaching a make-or-break moment that will determine whether or not the next phase of the bull market gets underway. Since 1928, the S&P 500 has delivered positive returns 74% of the time in December, with an average monthly return of 1.3%. "Monthly S&P 500 seasonality suggests buying weakness into September and October prior to a fourth-quarter and year-end rally," Suttmeier said.

Persons: Bank of America's Stephen Suttmeier, —, Stephen Suttmeier, Suttmeier, seasonality Organizations: Bank of America's, Service, Bank of America

☆ There's a 'good likelihood' that the market bottom is in, Fundstrat says
▼ + stars: | 2023-10-10 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

The market recovery from last week's lows could be an indication that a market bottom is in place, according to Fundstrat Global Advisors. "While some might see this as 'jumping the gun,' I do feel like there's a good likelihood that Equity market lows could be in place after the constructive bounce in recent days," wrote Mark Newton, the firm's head of technical strategy. Newton pointed to several reasons for this, including: Strong tech returns relative to the S & P 500 . Bank of America's Stephen Suttmeier also noted that the fourth quarter is usually a good one for the S & P 500, increasing the likelihood of the broader market index doing well going forward. Going forward, the next test for the S & P 500 comes near the 4,400 to 4,450 range, as investors work their way through oversold conditions, according to Rob Ginsberg of Wolfe Research.

Persons: Mark Newton, Newton, . Bank of America's Stephen Suttmeier, Suttmeier, Rob Ginsberg, Wolfe, — CNBC's Michael Bloom Organizations: Fundstrat Global Advisors, . Bank of America's, Wolfe Research

☆ A key corner of Wall Street is making its most bearish bet against stocks ever
▼ + stars: | 2023-10-10 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Wall Street traders have taken on the biggest short position in US stocks on record. The extreme short positioning could ultimately fuel buying pressure for stocks if the bet is unwound. AdvertisementAdvertisementProfessional traders in one corner of Wall Street have taken on their biggest bet ever against US stocks, according to data from Goldman Sachs. The bank said in a Monday note that trend-following traders on Wall Street, also known as commodity trading advisers (CTAs), are short a record $47 billion of US stocks. This wouldn't be the first time the stock market has bottomed right around the same time trend-following CTAs were net bearish on stocks.

Persons: Goldman Sachs, —, Cullen Morgan, Stephen Suttmeier, CTAs, Morgan Organizations: Service, Bank of America Locations: Wall, COVID

☆ The stock market's report card one year since the bottom of the 2022 bear market
▼ + stars: | 2023-10-07 | by ( Michael Santoli | ) www.cnbc.com time to read: +7 min

A report card for the stock market as it approaches one year since the October 2022 bottom of the mini-bear market would probably read, "Good effort, shows perseverance, needs improvement." The equal-weight S & P 500 is up less than 12% from its low. The median stock in the index is up between 3% and 4% over the past 12 months. All four times since 1979, the S & P 500 and Russell 2000 were both higher in the fourth quarter. The S & P 500 is now at 17.7-times 12-month forward profit forecasts, according to FactSet, down from almost 20 in late July.

Persons: Doug Ramsey, Russell, Stephen Suttmeier, Jurrien Timmer, Stocks Organizations: Leuthold, Nasdaq, Bank of America, Fidelity Investments, Fed, Federal Reserve, Deutsche, Treasury

☆ Wall Street sees the market's bumpy ride continuing in the 4th quarter. Here are the risks in store
▼ + stars: | 2023-10-05 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

Many investors expect that could be the capitulation event equities need to bottom out before rebounding. "If you get down to five and a quarter all hell's gonna break loose," Rob Ginsberg, managing director at Wolfe Research. The yield on the 10-year Treasury has spiked sharply to about 4.8% this week, about 1 whole percentage point above where it was in mid-July at around 3.7%. In fact, it won't take much for the positive narrative to start to take hold in markets, Hogan said. Hogan anticipates the S & P 500 could rise to 4,800 by year end, about 13% above where it is currently.

Persons: Rob Ginsberg, Fitch, Ray Dalio, Jamie Dimon, Wolfe Research's Ginsberg, Ginsberg doesn't, You'll, Ginsberg, Riley Financial's Art Hogan, they'll, Read, Hogan, Kevin McCarthy, Goldman Sachs, Jan Hatzius, Katie Stockton, Bank of America's Stephen Suttmeier, Jeffrey Hirsch, I'm, Hirsch Organizations: Dow Jones, Treasury, Wolfe Research, Federal Reserve, JPMorgan, CNBC Pro's, Supply, Bank of America's Locations: Saudi Arabia

☆ A crescendo of panic selling is the one missing ingredient to a year-end stock market rally
▼ + stars: | 2023-10-03 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The stock market is missing one key ingredient to mount a year-end rally, according to Bank of America. Favorable fourth-quarter seasonal patterns would support a year-end rally if the capitulation event materializes. AdvertisementAdvertisementThe US stock market is missing one key ingredient for a year-end rally to materialize, according to a recent note from Bank of America. This is likely a key ingredient ahead of a year-end rally for the S&P 500," Bank of America technical strategist Stephen Suttmeier said. Ultimately, Suttmeier believes the stock market is in a long-term bullish uptrend, and that 2023 will represent a pivotal year for the bull market.

Persons: —, Stephen Suttmeier, Suttmeier, it's Organizations: Bank of America, Service, Nasdaq, New York Stock Exchange, Big, Trump, Corrections Locations: China

☆ October is known for big drawdowns and charts suggest a 'capitulation event' is likely, says Bank of America
▼ + stars: | 2023-10-02 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

A capitulation event is likely in October before stocks can ride a year-end rally, according to Bank of America. Investors are coming off the worst month of the year for the S & P 500 and Nasdaq Composite . The Cboe 3-Month Volatility Index and Cboe Volatility Index are used in tandem to measure volatility in the S & P 500. The former gauges the S & P 500's implied volatility over three months, while the latter reflects the index's 30-day volatility. "The late 2023 setup resembles those from late 2012, late 2016 and late 2019," Suttmeier wrote.

Persons: Stephen Suttmeier, Suttmeier, Trump, Michael Bloom Organizations: Bank of America, Investors, Nasdaq, China Trade Locations: Brexit

☆ Bank of America's Stephen Suttmeier lays out the techincal setup for Q4
▼ + stars: | 2023-10-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of America's Stephen Suttmeier lays out the techincal setup for Q4Stephen Suttmeier, Chief Equity Technical Strategist at Bank of America Merrill Lynch Global Research, charts out the road ahead for stocks in Q4.

Persons: America's Stephen Suttmeier, Stephen Suttmeier, Bank of America Merrill Lynch Organizations: Email Bank, America's, Equity, Bank of America, Bank of America Merrill Lynch Global Research

☆ We've been big believers in the secular bull market, says BofA's Stephen Suttmeier
▼ + stars: | 2023-09-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe've been big believers in the secular bull market, says BofA's Stephen SuttmeierStephen Suttmeier, BofA Global Research chief equity technical strategist, joins 'Squawk Box' to discuss the latest technical analysis, overall market trends and forecast, and more.

Persons: Stephen Suttmeier Stephen Suttmeier Organizations: Global Research

☆ CHART OF THE DAY: It's a risk-on environment for stocks based on this bond market signal
▼ + stars: | 2023-09-20 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The bond market just flashed a bullish signal that suggests a risk-on environment for stocks. The bullish signal is based on risky high-yield bonds outperforming relative to corporate bonds. The ratio between high-yield and corporate bond performance has exceeded its high set in February 2001, according to the chart. Bond market investors are usually the first group of investors to grow concerned about a deteriorating macro economic environment, well ahead of stock market investors. So as long as bond investors keep their cool, that should bode well for the broader stock market.

Persons: Stephen Suttmeier, Suttmeier, bode, Stocks Organizations: Bank of America, Service Locations: Wall, Silicon

☆ The stock market has entered its worst 10-day stretch of the year historically
▼ + stars: | 2023-09-19 | by ( John Melloy | ) www.cnbc.com time to read: +1 min

The stock market on Monday entered what historically is its worst seasonal stretch of days of the year, according to Bank of America. So far, the S & P 500 is true to form, down about 0.6% this week. There is also a slew of worker stoppages affecting the economy, along with higher oil prices and a looming government shutdown troubling investors. The S & P 500 was already in the red for the first part of September and Suttmeier noted that doesn't make this stretch a buying opportunity. For example, the market benchmark around 4,425 today is still well above its 200-week moving average of 3,914, so it's still in a "secularly bullish" trend, according to Suttmeier.

Persons: Stephen Suttmeier, Goldman Sachs, Suttmeier, — CNBC's Michael Bloom Organizations: Bank of America

☆ The stock market just entered its weakest 10-day stretch of the year
▼ + stars: | 2023-09-19 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The stock market just entered its weakest 10-day stretch of the year, according to Bank of America. The bank highlighted that the last 10 days of September are especially weak when the first half of the month is down. But seasonal data suggests the stock market can recover and have a better year-end after it escapes September. The S&P 500 is already down 0.60% so far this week. With no major support levels having yet been broken in the stock market, Suttmeier maintains his bullish tilts towards equities, with the view that the S&P 500 is still in a secular bull market that could last for a few more years.

Persons: bode, Stephen Suttmeier, shouldn't, Suttmeier Organizations: Bank of America, Service Locations: Wall, Silicon

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