BofA says these indicators support buying seasonal weakness before a post-election rally

seekingalpha09-05

As stock investors get into the notoriously seasonally weaker months of September and October, Bank of America (BofA) flagged some “positive backdrop indicators” it said support buying ahead of a ...

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The S&P 500 (SP500) and the Nasdaq Composite (COMP:IND) have already started September off on largely softer footing. The averages finished Tuesday’s session with their worst losses since an early-August rout, and seesawed during Wednesday’s session. BofA in a Tuesday note outlined four indicators suggesting positions of strengths for the market as it entered the bearish period:  Credit markets “We continue to view credit markets as a potential leading indicator for the U.S. equity market,” and new highs for the S&P 500 (SP500), Stephen Suttmeier, technical research strategist at BofA, said, noting fresh peaks for the iBoxx USD Liquid High Yield Index and iBoxx USD Liquid Investment Grade Index into late August.  Institutional cash levels to a new high  The Investment Company Institute said last week total money market fund assets hit $3.727T, outstripping a previous record high set in March. Retail money market fund levels at $2.536T was also a record. “The love affair with cash continues,” Suttmeier said.  Breadth  BofA said the percentage of S&P 500 (SP500) stocks above their 50-day moving averages broke out above a mid-July peak, and published this chart:   Financial conditions benign  The Chicago Fed Financial Conditions Index improved to confirm the S&P 500’s (SP500) level ~ 5,600 in July and August, adding to the backdrop indicators “that support buying seasonal weakness ahead of a post-election rally into yearend,” BofA said.  Investors can track bond-market moves through ETFs that include: (HYG), (LQD), (AGG), (BND), and (TIP). More on the markets","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"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":"4.29.3","shortVersion":"4.29.3","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/2465587207"}