Here's what BofA says needs to happen before stocks bottom (via CNBCFuturesNow)
New charts from Bank of America-Merrill Lynch's Stephen Suttmeier suggest two things must happen before the stock market bottoms: The S&P 500 needs to fall another 5% and panic needs to get more extreme."The correction is going to continue," the firm's chief equity technical strategist told CNBC's "" on Thursday. "You take a measured move of this trading pattern — one leg down, one leg up. It's gets you right down into that 2,750-2,740 range.
"We have plenty of resistance," he said. "We continue to stall right around this 2,940 level on the S&P."
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