#Analysts at #Bank_of_America told investors in a note Tuesday not to sell in May and go away as statistical data shows that presidential election years can see bug summer rallies.
The S&P 500 (#SPX) tends to have a summer rally, and Presidential election years can see big summer rallies,” said the bank.
Their #analysis shows that June to August is the second strongest three-month period of the year for all years going back to 1928, with the S&P 500 up 65% of the time on an average return of 3.2%.
#Meanwhile, in presidential #election years, the S&P 500 is up 75% of the time from June to August on an average return of 7.3%.
Elsewhere in the wide-ranging note, the #bank stated that they view the US high yield option-adjusted spread (#OAS) as a leading indicator for the US equity market and yesterday’s move to “another new low within a cyclical lagging trend for this credit spread is a bullish leading indicator that supports the case for a 2024 summer rally on the SPX.”
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