[Bank of America: Bull & Bear Indicator Rises to 9.6 Extreme Range, Suggesting Retreat or Rotation] According to Deep Tide TechFlow, on July 20, Bank of America's July 17 fund flow report indicated that the Bank of America Bull & Bear Indicator rose from 9.4 to 9.6, further entering the extreme bullish range. Historically, this indicator exceeding 8.0 has been a sell signal. Year-to-date, semiconductor ETFs have seen inflows of $46 billion, accounting for 31% of AUM, while technology funds have recorded a record $48 billion inflow over the past three weeks. However, the Philadelphia Semiconductor Index has dropped approximately 20% from its June peak, showing a clear divergence between capital flows and prices. Bank of America believes the current market has entered a "peak" zone and recommends reducing equity exposure, retreating, or rotating into duration-sensitive, defensive sectors, high-dividend stocks, and the U.S. dollar. The report also highlights that investors' extreme optimism is based on three fragile assumptions: an "economic soft landing," the Federal Reserve not raising interest rates, and mega-cap companies not cutting AI capital expenditures—all of which could be overturned. Bank of America provides specific observation anchors: retreat if the Tech Seven Giants Index (MAGS) falls below 65, and only re-enter if it breaks above 70.