The S & P entered a technical bull market last week, but Bank of America strategist Michael Hartnett said that this is not the beginning of a new rally in US stocks. The strategist who accurately predicted the decline in U. S. stocks last year said in a report on Friday that he did not believe this was the beginning of a new bull market. The current market looks more like a "big rebound before the crash" in 2000 or 2008. He believes that between now and September 4, International Labour Day of the United States, the S & P 500 index has a maximum upside space of 150 points and a decline space of 300 points. The index has risen 15 per cent so far this year.