Small Cap Stocks – Next 12 Months Price/Earnings Ratio, Russell 2000 Relative to S&P 500 U.S. small caps look attractive relative to the broad market. Image: Morgan Stanley Research
Baltic Dry Index – Dry Bulk Shipping Costs The Baltic Dry Index is now down 50% since the October peak. Image: BofA Research Investment Committee
Global Equities – 50-Day Moving Average Breadth Global equities breadth has worsened significantly since the beginning the year. Image: Topdown Charts
NYSE Stocks Advance-Decline Line The NYSE stocks advance-decline line did not sustain a bullish breakout in late 2021, which suggests weaker breadth. Image: BofA Global Research
S&P 500 Corrections and 1-Year Performance Following Correction by Presidential Cycle Is the S&P 500 headed for a big correction in 2022? Image: Strategas Research Partners
S&P 500 – Weight of Top 50 Is it a bull trap? The S&P 500 remains very concentrated in the top 50 stocks. Image: J.P. Morgan Equity Macro Research
Returns – U.S. Stock-to-Bond Ratio Should U.S. equity investors be worried that the U.S. stock-to-bond ratio is at an extreme level? Image: Alpine Macro
MSCI Equity Price: China Relative to U.S. and USD/CNY (Inverted) The RMB should weaken relative to the U.S. dollar. Image: BCA Research
Expensive Stocks and Fed Balance Sheet Are expensive stocks vulnerable to Fed tapering in 2022? Image: Morgan Stanley Research
Markets – Equity Risk Premium and Real 10-Year U.S. Treasury Yield The similarities between today and the tech bubble make BofA bearish on 2022. Image: BofA US Equity & Quant Strategy
U.S. Cycle Indicator The KKR’s U.S. cycle indicator from KKR is still in the mid-cycle expansion phase. Image: KKR & Co.