Bank of America quantitative strategist Jill Carey Hall and others said that the “increasingly bullish” sentiment in US stocks has been suspended. Last week, customers sold 5.2 billion US dollars, the fifth largest since 2008, and the highest weekly net sales since November last year.

In the past, when weekly traffic sold at this level or higher, the average/median return for the following week was -1%. Customers sell cyclical stocks and buy defensive stocks; passive capital flows are still more biased towards cyclical stocks, but traffic is declining.

Individual investors were the only net buyers and institutional and hedge fund clients sold net last week.