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Fade S&P 500 Above 4200 as the End Game is Below 3600 - BofA Strategist

By Senad Karaahmetovic Bank of America's Chief Investment Strategist has once again reiterated his stance that the ultimate low in the S&P 500 is yet to be seen. Despite the...
Fade S&P 500 Above 4200 as the End Game is Below 3600 - BofA Strategist © Reuters. Fade S&P 500 Above 4200 as the End Game is Below 3600 - BofA's Hartnett

By Senad Karaahmetovic

Bank of America's Chief Investment Strategist has once again reiterated his stance that the ultimate low in the S&P 500 is yet to be seen.

Despite the benchmark index trading near 4200, which has been seen as a key bull/bear line in the near-term, the strategist told clients to fade the S&P 500 above this level.

“Still think end-game 3600>SPX; next big short (up in yields, down in tech) once stagflation returns Q4/Q1,” he said in his weekly note to clients.

On what investors can expect in the coming weeks, he added:

“Sentiment still bearish (though shorts have covered) + no FOMC ‘til Sept 21st…rip lower next 4-weeks requires "v hot" data (e.g. July payroll >400k, U-rate drops to 3.7%) mean recession risk-off as stocks (esp tech) "catch-down" to inverted yield curve.”

Thus, the focus remains on inflation with BofA economists seeing both core CPI & PCE at around 5% YoY in Q1'23.

“For headline CPI to fall back below 5% in Q1'23 requires monthly print to drop from 0.9% to 0.1-0.2%,” the strategist further added.

As far as weekly flows are concerned, the week to Wednesday saw an $11.7 billion inflow to bonds while outflows from stocks and cash were $2.6 billion and $4.1 billion, respectively.

In the meantime, Bank of America’s Bull & Bear Indicator remains at 0, signaling extreme bearishness.

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17-08-2022 22:39:19 (UTC+7)

EUR/USD

1.0166

-0.0004 (-0.04%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

EUR/USD

1.0166

-0.0004 (-0.04%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

GBP/USD

1.2043

-0.0050 (-0.41%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

USD/JPY

135.43

+1.22 (+0.91%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

AUD/USD

0.6916

-0.0106 (-1.51%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

USD/CAD

1.2924

+0.0080 (+0.63%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

EUR/JPY

137.66

+1.17 (+0.86%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (1)

EUR/CHF

0.9692

+0.0038 (+0.39%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (1)

Sell (6)

Gold Futures

1,777.40

-12.30 (-0.69%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (6)

Sell (2)

Silver Futures

19.677

-0.408 (-2.03%)

Summary

Neutral

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (5)

Sell (3)

Copper Futures

3.5745

-0.0500 (-1.38%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Crude Oil WTI Futures

86.83

+0.30 (+0.35%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

Brent Oil Futures

92.50

+0.16 (+0.17%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Natural Gas Futures

9.195

-0.134 (-1.44%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

US Coffee C Futures

219.95

+0.60 (+0.27%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (11)

Euro Stoxx 50

3,753.25

-51.97 (-1.37%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

S&P 500

4,263.80

-41.40 (-0.96%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

DAX

13,630.66

-279.46 (-2.01%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (2)

FTSE 100

7,516.15

-19.91 (-0.26%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (4)

Sell (4)

Hang Seng

19,922.45

+91.93 (+0.46%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (0)

Sell (4)

US Small Cap 2000

1,978.20

-42.06 (-2.08%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

IBEX 35

8,434.88

-77.02 (-0.90%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (5)

Sell (1)

BASF SE NA O.N.

42.890

-1.860 (-4.16%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (5)

Sell (2)

Bayer AG NA

53.38

-0.92 (-1.69%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (4)

Sell (3)

Allianz SE VNA O.N.

177.39

-2.55 (-1.42%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (1)

Adidas AG

168.88

-4.48 (-2.58%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (8)

Deutsche Lufthansa AG

6.465

-0.282 (-4.18%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Siemens AG Class N

108.44

-3.60 (-3.21%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

Deutsche Bank AG

8.840

-0.124 (-1.38%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (3)

 EUR/USD1.0166↑ Sell
 GBP/USD1.2043↑ Sell
 USD/JPY135.43↑ Buy
 AUD/USD0.6916↑ Sell
 USD/CAD1.2924↑ Buy
 EUR/JPY137.66Neutral
 EUR/CHF0.9692Neutral
 Gold1,777.40Neutral
 Silver19.677Neutral
 Copper3.5745↑ Sell
 Crude Oil WTI86.83↑ Sell
 Brent Oil92.50↑ Sell
 Natural Gas9.195↑ Sell
 US Coffee C219.95↑ Sell
 Euro Stoxx 503,753.25↑ Sell
 S&P 5004,263.80↑ Sell
 DAX13,630.66Neutral
 FTSE 1007,516.15Neutral
 Hang Seng19,922.45Neutral
 Small Cap 20001,978.20↑ Sell
 IBEX 358,434.88Neutral
 BASF42.890Neutral
 Bayer53.38Neutral
 Allianz177.39Buy
 Adidas168.88↑ Sell
 Lufthansa6.465↑ Sell
 Siemens AG108.44↑ Sell
 Deutsche Bank AG8.840Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,600/ 6,700
(20/ 20) # 1,674
SJC HCM6,620/ 6,720
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SJC Hanoi6,620/ 6,722
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SJC Danang6,620/ 6,722
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SJC Nhatrang6,620/ 6,722
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SJC Cantho6,620/ 6,722
(20/ 20) # 1,697
Cập nhật 17-08-2022 22:39:21
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$1,763.89-11.79-0.66%
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RON 95-V25.34025.840
RON 95-III24.66025.150
E5 RON 92-II23.72024.190
DO 0.05S22.90023.350
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Dầu hỏa 2-K23.32023.780
ↂ Giá dầu thô thế giới
WTI$87.13-0.06-0.07%
Brent$92.34+0.060.06%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.235,0023.545,00
EUR23.186,9924.485,46
GBP27.597,2628.774,17
JPY169,51179,46
KRW15,4518,83
Cập nhật lúc 18:50:59 17/08/2022
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