The S&P 500 could return 16% in 2023 as a contrarian indicator sends bullish signals, says Bank of America

Jan 3 2023 by Business Insider

 
Traders work on the floor of the NYSE in New York

Brendan McDermid/Reuters

Bank of America's Sell Side Indicator is nearing a "Buy" signal, as Wall Street sentiment remains bearish on stocks.  The indicator is part of the firm's forecast for 16% returns in the S&P 500 in 2023.  Historically, when the indicator has been at this level or lower, the subsequent 12 months brought positive returns 95% of the time.

As Wall Street remains bearish, one of Bank of America's key contrarian indicators...

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