BofA’s Hartnett Says Market Selloff Yet to Breach Key Levels

Bloomberg08-09

Sees slump if stock winners fall below 200-day moving averageAI leaders to falter in second half unless profits shine: BofAMichael HartnettThe turbulence in global financial markets has yet to reach ...

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Icywinddale
08-09
Icywinddale
Nonsense

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Still, the S&P 500 rebounded after a report Thursday showed a slower-than-feared cooling in the labor market. The index is now down only 0.5% on the week.Hartnett — who has taken a more neutral tone on stocks this year after remaining bearish through a rally in 2023 — said the next technical levels to watch would be the 200-day moving averages for the Philadelphia Stock Exchange Semiconductor Index as well as an exchange-traded fund tracking big tech.They’re currently hovering just above those levels, but a renewed slide would mean the next support for the S&P 500 would kick in at the highs of 2021 — implying a drop of another 10% for the benchmark, the strategist said.Hartnett also reiterated his view that investors should sell into the Fed’s first rate cut. He expects winners of the artificial intelligence trade to “wallow” in the second half until earnings pick up.Instead, he highlighted opportunities in assets that were “strangled by 5% yields and can breathe more easily with yields at 3%-4%,” including government bonds, REITs, small-cap stocks and some distressed emerging markets like Brazil.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[{"id":336533544542304,"gmtCreate":1723197597064,"gmtModify":1723197601225,"author":{"id":"3574807189087941","authorId":"3574807189087941","name":"Icywinddale","avatar":"https://static.itradeup.com/news/3bd2fbf9d90e26b2f600b2c5d7c54244","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3574807189087941","authorIdStr":"3574807189087941"},"htmlText":"Nonsense&nbsp;","listText":"Nonsense&nbsp;","text":"Nonsense","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/336533544542304","repostId":1158112570,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":4,"commentSize":1,"repostSize":2,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1158112570"}