A snippet from Bank of America's Savita Subramanian, head of U.S. equity and quantitative strategy.

  • “Our bull market signposts suggest the S&P 500 may not break out just yet”

Only half of the 'signposts' BoA look for, such as Fed rate cuts and a steepening yield curve (see pic below), are triggered, whereas around 80% are prior to the market hitting a trough:

  • 50% are triggered vs. 80-90% ahead of prior S&P 500 market bottoms
boa bear market bull signposts fed yeild 18 May 2023


'Twas a positive day for US equities: