<p>美国银行表示，其牛熊指标从最新读数的 8.7 上升至 8.8，连续第四周保持在卖出区域，因为投资者情绪依然高涨。</p>
<p>美国银行表示，此次变动得益于科技基金的创纪录资金流入，而高收益债券和新兴市场债券的资金流出，以及全球股票市场的宽度减弱，限制了增幅。该行表示，自 2002 年以来，该指标已发出 17 次卖出信号。</p>
<p>美国银行指出，过去的卖出信号后，全球股票平均下跌 2% 至 3%，峰值回撤达到 15% 至 20%。当前读数受到基金经理的乐观仓位、债券流动、信用市场技术面和更广泛股票市场宽度的驱动，而对冲基金的仓位和股票流动保持中性。</p>
<p>美国银行还表示，尽管投资者越来越乐观，但高企的通胀和紧缩货币政策的风险仍可能对风险资产施加压力。</p>

美国银行

标普 500 指数

标普 500 ETF - SPDR

<p>美国银行的牛熊指标上升至 8.8，连续第四周处于卖出区域，原因是科技基金流入创纪录以及股票市场宽度疲软。历史上，此类信号通常预示着全球股票在两到三个月内下跌 2-3%，回撤幅度可达 20%。尽管投资者情绪乐观，但美国银行警告称，高企的通胀和潜在的紧缩货币政策可能继续对风险资产施加压力</p>

<p>Bank of America  said its Bull &amp; Bear Indicator climbed to 8.8 from 8.7 in the latest reading, keeping the gauge in sell territory for a fourth straight week as investor sentiment stayed elevated.</p>
<div class="lb-trans"><p>美国银行表示，其牛熊指标从最新读数的 8.7 上升至 8.8，连续第四周保持在卖出区域，因为投资者情绪依然高涨。</p>
</div><p>Bank of America said the move was supported by record inflows into technology funds, while outflows from high-yield and emerging-market bonds, along with softer global equity breadth, helped limit the increase. The bank said the indicator has flashed a sell signal 17 times since 2002.</p>
<div class="lb-trans"><p>美国银行表示，此次变动得益于科技基金的创纪录资金流入，而高收益债券和新兴市场债券的资金流出，以及全球股票市场的宽度减弱，限制了增幅。该行表示，自 2002 年以来，该指标已发出 17 次卖出信号。</p>
</div><p>Bank of America noted that past sell signals have been followed by average global stock declines of 2% to 3% over the next two to three months, with peak drawdowns reaching 15% to 20%. The current reading is being driven by bullish fund-manager positioning, bond flows, credit-market technicals and broader stock-market breadth, while hedge fund positioning and equity flows remain neutral.</p>
<div class="lb-trans"><p>美国银行指出，过去的卖出信号后，全球股票平均下跌 2% 至 3%，峰值回撤达到 15% 至 20%。当前读数受到基金经理的乐观仓位、债券流动、信用市场技术面和更广泛股票市场宽度的驱动，而对冲基金的仓位和股票流动保持中性。</p>
</div><p>Bank of America also said elevated inflation and the risk of tighter monetary policy could still pressure risk assets, even as investors remain increasingly optimistic.</p>
<div class="lb-trans"><p>美国银行还表示，尽管投资者越来越乐观，但高企的通胀和紧缩货币政策的风险仍可能对风险资产施加压力。</p>
</div>

Bank of America Sends a Stark Warning on the S&P 500

- 美国银行的牛熊指标从 8.7 上升至 8.8，持续四周处于卖出区域。  
- 指标上涨得益于科技基金创纪录的资金流入，但高收益和新兴市场债券流出限制了增幅。  
- 历史数据显示，过去的卖出信号平均伴随全球股市下跌 2% 至 3%。

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美国银行对标普 500 指数发出严正警告