According to Jinshi, Bank of America strategist Michael Hartnett warned that the rally in global stock markets is at risk of overheating. Bank of America's "Global Breadth Rule" shows that about 71% of stock indexes are above the 50-day and 200-day moving averages, and a reverse sell signal will be triggered if the number is above 88%. Hartnett is more neutral on the stock market this year, and he is generally bearish in 2023, even though the S&P 500 rose 24% at that time. After suffering a setback in April, the MSCI Global Index hit a record high again this month as the market was optimistic that the Federal Reserve would begin to cut interest rates later this year. However, the index fell back this week and is expected to fall for the first time in five weeks as strong economic data raised new doubts about the outlook for monetary easing.
