Bank of America says this is a ‘normal’ correction and the bull market is ‘alive and well’

A pedestrian outside the New York Stock Exchange in New York, July 29, 2020.

Wang Ying | Xinhua News Agency | Getty Images

(This story is for CNBC Pro subscribers only).

The market shakeup over the past week has been a healthy one in a historically week month, and the secular bull market is still “alive and well,” Bank of America said in a new note.

The U.S. market fell again on Thursday for its fourth negative day in five. The slide over the last week has been led by tech stocks, as the sell-off chopped off some of their recent gains and briefly pulled the Nasdaq Composite into correction territory.

But a closer look at the internal shifts in the markets shows that there is not a reason for alarm, Bank of America said.

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