Gelonghui, January 3 | As the S&P 500 Index has risen about 60% since the end of 2022, a reverse indicator from Bank of America is nearing a "Sell" signal. Strategists including Savita Subramanian noted that the Bank of America's Sell-Side Indicator (SSI) increased by 33 basis points to 57% in December, the highest level since early 2022; the indicator remains in the "neutral" zone but is just 1 percentage point away from the "Sell" threshold. Subramanian wrote, "While an increasing number of bullish calls raise the risk of complacency, our data shows that market sentiment may remain elevated for a relatively long period before the end of the bull market." This indicator has not declined for eight consecutive months, marking the longest record since 2021. Bank of America sets its target for the S&P 500 Index at 6,666 points by the end of 2025, which implies a rise of about 13% from the closing level on December 31.