Bank of America Warns of Potential S&P 500 Correction Impacting Global Markets

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2026-06-30 11:13:01

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Bank of America's technical analysis suggests the S&P 500 may undergo a three-wave "abc correction" through September, potentially dragging global markets lower. Paul Ciana, Managing Director and Global Head of Technical Strategy, notes the pattern could see the index drop to 6,850—a 7% decline from recent levels.

Three bearish signals underpin the warning: diverging price-momentum dynamics, a TD Sequential "red 13" exhaustion signal, and a June 10th decline to 7,334 aligning with Elliott Wave Theory's corrective phase pattern. While based on technicals rather than macro forecasts, the analysis carries implications for risk assets.

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