" Hartnett also notes that during the 3 weeks this indicator was in the "extreme bull" zone. (i.e. >8) global stocks tumbled -9.0% peak-to-trough, meaning the indicators' "sell" hit ratio is now a perfect 12/12.

Incidentally, that's the bullish side of the latest note from Hartnett. More notable, and as a far bigger threat, the BofA Chief Investment Strategist lays out 6 reasons why he believes that another $6 trillion correction may have begun. First, why $6 trillion? That's how much market cap global equity market cap lost in the February 10% drawdown(to $80.6tn); if Hartnett is right, a fresh $6tn correction implies SPX 2534;

So just days after Hartnett said that "3" is the most important number for the market, he doubles down, and lists 6 reasons why the S&P may re-test recent intraday lows:

1. Positioning: peaking optimism…Bull & Bear Indicator still in v bullish territory; big equity inflows this week; GWIM private client asset allocation 61% stocks, 33% cash & bonds