A snippet from a Bank of America strategist on the US benchmark equity index:

  • Looking circa 4200 says “we still fade” around here as the index has been nudging up against that level a few time this year with no significant break above:
  • on the latest test of the level - “would be so ‘on-brand’ for stocks to melt-up into recession, suck ’em all in right before the hard landing”

(ps. the note was from Friday.)

s&P500 4200 recession hard landing 22 May 2023