U.S. High-Yield vs. Investment-Grade and MSCI ACWI ex-US (Leading Indicator) This chart suggests that the ratio of high-yield to investment-grade bond performance is a leading indicator for stocks. Image: BofA Global Investment Strategy
Percentile of Sentiment Indicators since 2009 Most market sentiment indicators are reaching low levels. Image: Goldman Sachs Global Investment Research
BofA Bull & Bear Indicator The BofA bull & bear indicator is neutral at 6.5 vs. 6.7 last week. Image: BofA Global Investment Strategy
Different Market Sentiment Indicators Most market sentiment indicators are now reaching low levels. Image: Goldman Sachs Global Investment Research
S&P 500 Performance and Risk Appetite Indicator This chart suggests that the S&P 500 has historically recovered, after the Risk Appetite Indicator falls below -2. Image: Goldman Sachs Global Investment Research
U.S. Equity Sentiment Indicator This sentiment indicator shows a decline in equity positioning, but it still remains above previous lows. Image: Goldman Sachs Global Investment Research
BofA Bull & Bear Indicator History The BofA bull & bear indicator is at 7.1 and suggests a neutral signal on stocks. Image: BofA Global Investment Strategy You may also like “BofA Bull & Bear Indicator.”
Wicksell Spread and S&P 500 12-Month EPS Growth (Leading Indicator) This chart suggests that the Wicksell spread tends to lead the S&P 500 12-Month EPS growth by 3 months. Image: Pictet Asset Management
U.S. Output Gap as % of Potential GDP and U.S. Wage Growth (Leading Indicator) Chart suggesting that US output gap as % of potential GDP tends to lead US wage growth by one year. Image: Pictet Asset Management
U.S. Business Cycle – Cross-Asset Cycle Indicator Morgan Stanley’s cyclical indicator is still in “downturn.” Image: Morgan Stanley Research