S&P 500 posts record high close as Oracle jumps, traders keep rate-cut bets
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March 12, 2024 11:01 AM EDT
In its equity client flow trends note to clients this week, BofA analysts said there were continued stock and ETF inflows last week, with the firm's clients net buyers of US equities for a fourth week.
According to Bank of America, clients bought both single stocks and ETFs,... More
March 12, 2024 10:21 AM EDT
(Updated - March 12, 2024 10:22 AM EDT)
On Tuesday, BofA highlighted significant levels for the S&P 500 following the recent rally. They said the SPX is displaying signs of potential upside exhaustion, with daily and weekly Demark indicators and Japanese candlestick patterns indicating a risk for the NYSE Composite and NASDAQ Composite. Despite these signals, the SPX support levels are identified at 4800 and 4600, with resistance at 5200 and 5600.
According to the investment bank, the SPX remains on a bullish trajectory, featuring a "cup and handle" pattern breakout, which suggests a potential rise to 5200 and even 5600. Last week, the index approached... More
March 12, 2024 9:30 AM EDT
Over the past week, a new legislative proposal to ban TikTok unless ByteDance divests its US operations has rapidly gained momentum on Capitol Hill. However, analysts at Wolfe Research are skeptical the bill will be enacted anytime soon.
The firm's view, provided in a note to clients this week, comes despite the bill being scheduled for a House floor vote tomorrow and the fact they "fully expect the House will pass the bill by large... More
