By Dan Weil Fund managers’ anticipation of recession is at the highest level since May 2020, early in the covid pandemic. With the S&P 500 having dropped 18% so far this year, experts are mixed as to whether there’s another shoe to drop or a rebound is coming. Results from the Bank of America’s July fund manager survey skew strongly toward the bearish view. In what BofA strategists call “full capitulation,” the survey “shows a dire level of investor pessimism,” they wrote in a description of the poll. “Expectations for global growth and profits are at all-time lows, cash levels are the highest…