BAML Technical Analysis Is Looking For Stocks to Move Into New Highs

BAML technical analysis is rather bullish on a seasonal and statistical basis. After breaking into new highs intraday Friday, the S&P 500 ended lower by nearly 23 points heading into the close and shorter-term mean reversion signals have not fired but are looking as though they could. In this environment a Bank of America Merrill Lynch report notes that if stocks were to break into new highs, it would be a bullish signal. BAML technical analysis notes a run higher for equities is due In a June 7 BAML technical analysis report titled “What happens if the S&P 500 goes…