Bank of America's Sell Side Indicator rose to 57.2% in September, reaching its highest level since March 2022 and just 0.3 percentage points shy of the bank's "sell" threshold. This contrarian indicator tracks the equity allocation recommended by Wall Street strategists. Historically, when the indicator has reached the "sell" zone, the S&P 500's return over the subsequent 12 months has been only around 3%. Meanwhile, fund managers' bond allocations are at their lowest level since early 2022.