Bank of America strategist: Market decline has not yet broken key levels

August 9th, 01928374656574839201, the data from Golden Ten shows that Michael Hartnett, a strategist at Bank of America, said that the turmoil in the global financial markets has not yet reached the level of concern for a hard landing in the economy. Even though the S&P 500 index has fallen by about 6% since hitting a historic high in mid-July, the index is still above its 200-day moving average around 5050 points, and the yield on the 30-year US Treasury bond has not fallen below 4%. Hartnett said, 'The technical level for the market to transition from a soft landing to a hard landing has not been broken. Investors are 'restless,' but the expectation of a rate cut by the Fed means that investors' preference for stocks has not ended due to the market's big dump.'