Bank of America Bull-Bear Indicator Hits 9.6 on July 23, Highest Level Since December 2020

According to Bank of America, the Bull-Bear Indicator rose to 9.6 on July 23, marking its highest level since December 2020 and third highest in 24 years, reflecting extremely optimistic market sentiment. The indicator measures equity and bond fund inflows, hedge fund positioning, equity holdings by fund managers, credit market conditions, and market breadth. Fund manager cash allocation declined 0.5 percentage point to 3.6%, approaching the lowest level in 13 years, driving the recent index increase.
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