The head of US Equity Strategy at Bank of America Securities says broad market gains will be difficult to sustain from current levels.

Appearing on CNBC’s Power Lunch, Savita Subramanian says BofA holds a 7,100 year-end price target for the S&P 500 and remains bearish at the index level.

She says the best single-index buy today is the Russell Large Cap Value Index, pointing to its income-generating profile. Within the broader market, she sees opportunity in value and cyclical names but warns the tailwinds that drove last year’s gains have largely faded.

Subramanian note that 2025 was “essentially the best year on record when it comes to liquidity,” with individual investors, corporate buybacks, privatizations, and government entities all buying U.S. equities simultaneously. That dynamic, she says, is not repeating in 2026.

According to Subramanian:

“The good news is priced in. Typically years where you’ve got great earnings growth and GDP growth are not the best years for equity returns. We are getting a big shift in supply demand. So that’s why we’re bearish at an index level. Within the index, I think there’s a tremendous opportunity to own income value areas of the market that are throwing off capital rather than using it.”

Subramanian also questions how much more earnings can surprise, noting analysts are now forecasting near-record long-term earnings growth rates with strong earnings already anticipated.

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Ethereum price started a fresh increase and remained stable above $1,680. ETH is now correcting gains and might continue higher if it clears $1,750.

• Ethereum started a decent upward move above the $1,620 resistance.
• The price is trading above $1,680 and the 100-hourly Simple Moving Average.
• There is a bullish trend line forming with support at $1,665 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move up if it stays above the $1,650 zone.

Ethereum Price Aims for More Upside

Ethereum price managed to stay above the $1,600 support and started a fresh increase, like Bitcoin. ETH price gained pace for a move above $1,620 and $1,640.

The price even climbed toward $1,740. A high was formed at $1,731, and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $1,603 swing low to the $1,731 high. Besides, there is a bullish trend line forming with support at $1,665 on the hourly chart of ETH/USD.

Ethereum price is now trading above $1,680 and the 100-hourly Simple Moving Average. If the bulls remain in action above $1,665, the price could attempt another increase.

Immediate resistance is seen near the $1,720 level. The first key resistance is near the $1,740 level. The next major resistance is near the $1,780 level. A clear move above the $1,780 resistance might send the price toward the $1,850 resistance. An upside break above the $1,850 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $1,880 resistance zone or even $1,920 in the near term.

Another Pullback In ETH?

If Ethereum fails to clear the $1,740 resistance, it could start a downside correction. Initial support on the downside is near the $1,680 level. The first major support sits near the $1,665 zone and the trend line. The trend line is also near the 50% Fib retracement level of the upward move from the $1,603 swing low to the $1,731 high.

A clear move below the $1,665 support might push the price toward the $1,650 support. Any more losses might send the price toward the $1,620 region. The main support could be $1,600.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $1,665

Major Resistance Level – $1,740

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• DOGE price started a decent upward move above $0.0850 and $0.0880.
• The price is trading above the $0.0870 level and the 100-hourly simple moving average.
• There is a bullish trend line forming with support at $0.0870 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could continue to move up if it stays above $0.0850.

Dogecoin Price Faces Hurdles

Dogecoin price remained supported above the $0.0850 zone and started a fresh increase, like Bitcoin and Ethereum. DOGE climbed above the $0.0865 and $0.0870 resistance levels.

The price gained over 2% and tested the $0.0890 zone. There was a move above the 38.2% Fib retracement level of the downward move from the $0.0920 swing high to the $0.0855 low. Besides, there is a bullish trend line forming with support at $0.0870 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading above the $0.0870 level and the 100-hourly simple moving average. If the bulls remain active, the price could attempt another increase. Immediate resistance on the upside is near the $0.0890 level and the 50% Fib retracement level of the downward move from the $0.0920 swing high to the $0.0855 low.

The first major resistance for the bulls could be near the $0.0905 level. The next major resistance is near the $0.0920 level. A close above the $0.0920 resistance might send the price toward the $0.0950 resistance. Any more gains might send the price toward the $0.10 level. The next major stop for the bulls might be $0.1050.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.090 level, it could continue to move down. Initial support on the downside is near the $0.0870 level. The next major support is near the $0.0855 level.

The main support sits at $0.0850. If there is a downside break below the $0.0850 support, the price could decline further. In the stated case, the price might slide toward the $0.0820 level or even $0.080 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.0870 and $0.0855.

Major Resistance Levels – $0.090 and $0.10.

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Fundstrat’s Tom Lee thinks 2027 and 2028 could represent a one-in-a-lifetime time period for stock gains.

Lee says in a new interview with CNBC that stocks could witness challenges between now and December and encourages investors to remain “vigilant but generally bullish.”

He notes that three potential major initial public offerings and midterm election seasonality could impact stocks. Lee also says the market will likely attempt to “test” Kevin Warsh, the new chairman of the U.S. Federal Reserve.

But the longtime equities bull notes that two big factors are fueling his optimistic outlook on stocks going into 2027.

[3:10] “One is, I think the US economic growth rate is actually starting to step up. In other words, we could grow at 4%. And for the mature, largest economy in the world to start to accelerate growth, that’s pretty astounding. 

The second is the US is one of the biggest exporters of the most important tool in the next 10-15 years, which is AI products. And that means we are essentially a net exporter of a high-value product.

And there’s so much capital I think misallocated today because so much of it is held in private alternatives, but it’s going to move into the public markets. So I do think that, plus the demographic tailwind of millennials and Gen Z adding to the workforce, but then also beginning to inherit generational wealth, I think that is going to set up for after 2026, perhaps over the next two years, some of the biggest gains in the stock market in our lifetime.” 

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