According to online reports, Bank of America strategist Michael Hartnett warned that global stock markets are about to trigger technical "sell" signals after hitting record highs this week. He said the market was currently overheating after soaring 20% in just two months. He cited data on capital flows and market breadth as evidence that investors were flocking to risky assets and were too high. Traders often use this as a bearish signal because in theory it could indicate that the market's purchasing power could soon be exhausted and prices could easily pull back. Hartnett cited data showing that over the past four weeks, inflows into stocks and high-yield bonds accounted for 0.9% of total assets. He said if the figure rose above 1%, it would be a sign that investors were selling. At the same time, the market is approaching "overbought territory." About 84% of national indices are above their 50-day and 200-day moving averages. He said that when the indicator reaches 88%, his selling trigger point will reach.