Bullish signals are flashing that suggest the stock market is headed for a 'summer rip', Bank of America says

• Stocks could be headed for a rally this summer, according to Bank of America
• Analysts pointed to indicators that suggest the market will dip in May before rallying. 
• The S&P 500 could blow past its previous highs, potentially adding 5%, the bank said. 

Signals are flashing that could mean stocks are headed for a "summer rip," according to Bank of America technical strategist Stephen Suttmeier, who suggests investors should buy a potential dip in equities in May before the rally hits in the following months.