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Investors should sell stocks and raise cash as bearish indicators pile-up for the S&P 500, BofA says

July 29, 2021

Investors should take advantage of any strength in the S&P 500 and sell stocks to raise cash as bearish indicators begin to pile up, Bank of America said in a note on Tuesday.

The bank points to negative divergences and a deterioration in market breadth, or upside participation of stocks in the market, as reasons to sell when the S&P 500 pushes up against the 4,400 level. In recent weeks, most gains in the stock market have been driven by a narrow group of companies including mega-cap tech names like Alphabet, Amazon, and Apple.

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