BofA technical research head Paul Ciana says investors should hedge further S&P
500 gains and prepare for a three-wave pullback over the coming months. The
index has gained about 17% since the March low but has shown fatigue since its
June 2 peak. Ciana sees the S&P 500 falling to 6,850, roughly 7.6% below current
levels. He warns drawdown risk is accumulating as the post‑U.S.-Iran ceasefire
rally becomes more volatile, momentum is deteriorating, and prices look
overstretched; he recommends a defensive stance from July through September.
