<p>美國銀行表示，其牛熊指標從最新讀數的 8.7 上升至 8.8，連續第四周保持在賣出區域，因為投資者情緒依然高漲。</p>
<p>美國銀行表示，此次變動得益於科技基金的創紀錄資金流入，而高收益債券和新興市場債券的資金流出，以及全球股票市場的寬度減弱，限制了增幅。該行表示，自 2002 年以來，該指標已發出 17 次賣出信號。</p>
<p>美國銀行指出，過去的賣出信號後，全球股票平均下跌 2% 至 3%，峯值回撤達到 15% 至 20%。當前讀數受到基金經理的樂觀倉位、債券流動、信用市場技術面和更廣泛股票市場寬度的驅動，而對沖基金的倉位和股票流動保持中性。</p>
<p>美國銀行還表示，儘管投資者越來越樂觀，但高企的通脹和緊縮貨幣政策的風險仍可能對風險資產施加壓力。</p>

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標普 500 指數

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<p>美國銀行的牛熊指標上升至 8.8，連續第四周處於賣出區域，原因是科技基金流入創紀錄以及股票市場寬度疲軟。歷史上，此類信號通常預示着全球股票在兩到三個月內下跌 2-3%，回撤幅度可達 20%。儘管投資者情緒樂觀，但美國銀行警告稱，高企的通脹和潛在的緊縮貨幣政策可能繼續對風險資產施加壓力</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>美國銀行表示，其牛熊指標從最新讀數的 8.7 上升至 8.8，連續第四周保持在賣出區域，因為投資者情緒依然高漲。</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>美國銀行表示，此次變動得益於科技基金的創紀錄資金流入，而高收益債券和新興市場債券的資金流出，以及全球股票市場的寬度減弱，限制了增幅。該行表示，自 2002 年以來，該指標已發出 17 次賣出信號。</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>美國銀行指出，過去的賣出信號後，全球股票平均下跌 2% 至 3%，峯值回撤達到 15% 至 20%。當前讀數受到基金經理的樂觀倉位、債券流動、信用市場技術面和更廣泛股票市場寬度的驅動，而對沖基金的倉位和股票流動保持中性。</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>美國銀行還表示，儘管投資者越來越樂觀，但高企的通脹和緊縮貨幣政策的風險仍可能對風險資產施加壓力。</p>
</div>

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

- 美國銀行的牛熊指標從 8.7 上升至 8.8，持續四周處於賣出區域。  
- 指標上漲得益於科技基金創紀錄的資金流入，但高收益和新興市場債券流出限制了增幅。  
- 歷史數據顯示，過去的賣出信號平均伴隨全球股市下跌 2% 至 3%。

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美國銀行對標普 500 指數發出嚴正警告