If pressure continues on the broader market, investors looking to buy the dip should eye three levels on the S&P 500, BofA says.
With a nod to Hughie Green, the host of "Opportunity Knocks," strategist Michael Hartnett says buyers have a chance to step in the second half of the year.
Other opportunities in H2 for 2023 bulls include small caps (IWM) and real assets to play inflation, emerging markets (EEM) (VWO) on dollar debasement, the Asian consumer and industrials (XLI) on infrastructure spending, Harnett said.
At the lows, the best strategy will be the "humiliated '60-40' strategy," he added.
But technicals are also "at the one yard line" that could push equities into much sharper losses, Hartnett warned.
The NSYE Composite Index (U.S. stocks + ADRs + bond ETFs) is the best Wall Street barometer and that is right near its 200-week moving average of 14,000, he noted.
A "big break below" 14,000 and traders will look to target the 2018 lows of 11,000 as the "bear morphs into crash," he said.
Away from stocks, Treasury yields face major swings through 2022.