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BOFA’S SELL SIDE INDICATOR FALLS, BUT MORE BULLISH THAN BEARISH

Bank of America’s Sell Side Indicator (SSI) posted its largest monthly decrease in more than two years in March and its second consecutive monthly decline, but it remains much more positive on stocks than negative.

BofA quant analysts Victoria Roloff and Savita Subramanian note that “Escalating trade tensions along with renewed stagflation concerns has weighed on consumer and investor confidence, driving the S&P 500 6% lower in March.”

But the SSI, which the bank said is a reliable contrarian indicator, remains in “neutral” territory and is more bullish than bearish. At its current level of 56.1% it suggests the S&P will return 12% over the next 12 months, which implies a 4% return for the year, BofA said. The S&P 500 is down 4% so far in 2025.

As a contrarian indicator, the SSI has been bullish when Wall Street was extremely bearish and vice versa. It tracks sell side strategists’ average recommended allocation to equities in a balanced fund.

(Karen Brettell)

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