A snippet from a Bank of America strategist on the US benchmark equity index:
- Looking circa 4200 says “we still fade” around here as the index has been nudging up against that level a few time this year with no significant break above:
- on the latest test of the level – “would be so ‘on-brand’ for stocks to melt-up into recession, suck ’em all in right before the hard landing”
(ps. the note was from Friday.)