Looking for a‘Big Top’? Try the Circus, Not U.S. Stocks

U.S. stocks have hardly reached a “big top” after slumping in the past month, according to Stephen Suttmeier, Bank of America Corp.’s chief equity technical strategist. Instead. the percentage of New York Stock Exchange-listed shares at 52-week highs points to a shift toward lagging stocks and away from leaders, he wrote in a report Tuesday. Monday’s reading climbed to 21%, the highest since December 2016, from a low of 0.1% in September. “Market rotation is alive and well,” Suttmeier wrote.