BofA survey shows rampant bearishness, yet downtrends remain very much intact

Key Takeaways

  • SPX bounce likely encounters strong resistance into May expiration and turns lower
  • Bank of America (BofA) bearishness means broader market pullback likely nearing a low
  • VIX cycles look to peak in early June, which would line up with Equity lows.
This daily SPX chart puts our recent bounce into perspective and shows that SPX has some hurdles to overcome before being able to discuss a bottoming process being underway.  Resistance lies at...

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