Bank of America Warns S&P 500 Could Crash Soon

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Bank of America technical strategist Paul Ciana is cautioning that U.S. equities could face a corrective phase in the third quarter. The S&P 500 has already reached the bank's 2026 target of 7,431 and approached its more optimistic 7,741 level after hitting a record 7,621 in early June. Technical indicators show the recent rally may be losing steam, with a possible correction that could push the S&P 500 toward support levels around 7,122 or below 7,000. Margin debt rose 54% from a year earlier through May, approaching levels historically associated with major market peaks, and continued growth above 60% would increase correction risks. Despite near-term caution, the bank noted post-midterm-election periods have historically supported equities and said a year-end rally remains possible if the anticipated summer correction runs its course.

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