Data: CivicScience surveys; 14,940 total respondents; MOE ± 2%; Chart: Axios Visuals

New data from CivicScience show Americans remained calm about their retirement savings between late January and mid-March, despite significant losses in the stock market.

The intrigue: Bank of America Securities' Bull & Bear indicator has fallen to its lowest possible level, zero, indicating a strong buy signal.

  • However, the last time the indicator fell to this level of "extreme bearishness" was in July 2008 ahead of the Lehman Brothers bankruptcy four weeks later.

BofA global research analysts note that it's unlikely we've yet hit the lows — "perversely this only likely [happens] once virus numbers improve and recession numbers don't improve."

  • They're expecting the S&P 500 to fall another 90 points to 2,450.
  • Goldman Sachs analysts see the index falling to 2,000, another 20% down from its current level.

The last word: "The stock market is a leading indicator of business trends, and corporate activity continues to deteriorate with no signs yet of a bottom," Goldman analysts said in a recent note.

  • "The speed of business erosion is unprecedented."

Go deeper: 96% of small business owners are already feeling coronavirus impact

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