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BofA Advises Investors to Buy S&P 500 Dip Amid Overbought Signals
BofA Advises Investors to Buy S&P 500 Dip Amid Overbought Signals
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Bank of America analysts have flagged a potential short-term pullback in the S&P 500 after the index triggered a TD Combo sell signal on May 16. The relative strength index, a key momentum gauge, also suggests the market is overbought. "The S&P 500 isn’t moody, just a little overbought and wary of rates. Dip due, buy it," the analysts noted.
Technical support for the index appears solid NEAR 5,580—roughly 5% below current levels—which could present a buying opportunity. On the upside, BofA projects a rebound toward 6,000, with potential to test record highs at 6,266 later this year. Market trajectories are drawing parallels to the 2015-2018 cycle, with two key catalysts potentially driving equities higher.
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