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Bank of America (BofA) reported that last week saw the second-largest weekly outflow in the tech sector ($XLK) since 2008, with the largest outflow since July 2023. Clients' net sales of US equities amounted to $5.7 billion, marking the biggest outflow since July 2023 and the fourth largest since 2008. This near-record weekly Tech outflow is part of BofA's $BAC data history.
Sector Snapshot - Strong: $XLK $XLY $XLV $IYR - Weak: $XLI $XLE $XLB all below their 50d MA , $XLF is close note in the $SPX the $XLK Tech $XLY Discr. $XLV HC make up > 50% of the Index so the larger groups heavily accounting for the gains https://t.co/vDcD97OWeC
Sector Snapshot - Strong: $XLK $XLY $XLV $IYR - Weak: $XLI $XLE $XLB all below their 50d MA , $XLF is close note in the $SPX the $XLK Tech $XLY Discr. $XLV HC make up > 50% of the Index so the larger groups doing heavy accounting for the gains https://t.co/upizqjANp6
Per Bank of America analyst, their wealthy clients sold $5.7 billion more than they bought in stocks- the highest outflows since July 2023. Reason? Price has moved up but the value area is moving lower.