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Bank of America Warns of Potential Market Slump as S&P 500 Nears Key Targets
Bank of America Warns of Potential Market Slump as S&P 500 Nears Key Targets
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BTCCSquare news:
Bank of America's global chief technical strategist Paul Ciana has flagged multiple warning signs suggesting the stock market's rally may be nearing exhaustion. The S&P 500 has already achieved the bank's summer target of 6,500 and now approaches its secondary benchmark at 6,625, currently trading at 6,606.
Historical patterns suggest turbulence ahead. The summer-to-fall transition typically brings weakness, with September showing the worst performance for the S&P 500. Analysis dating to 1928 reveals the index gains only 40% of the time in September's final ten days, averaging a 1.1% loss. The outlook worsens during presidential election years, with positive returns occurring just 29% of the time and average losses deepening to 1.5%.
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