Different Market Sentiment Indicators Most market sentiment indicators remain risk-off. Image: Goldman Sachs Global Investment Research

Cyclical/Defensive Equities Ratio vs. 10-Year Treasury Yield The 10-year U.S. Treasury yield and the cyclicals/defensives ratio have decoupled. Image: Morgan Stanley Research

S&P 500 and Manufacturing PMI Will PMIs continue to head lower and drive the S&P 500 down? Image: Morgan Stanley Research

S&P 500 Total Return Index (Real Annual Returns) The real S&P 500 is on course for the worst annual drop since 1872. Image: BofA Global Investment Strategy

ISM Manufacturing PMI vs. Cyclicals/Defensives Ratio Will the ISM Manufacturing PMI soon fall into contraction territory? Image: The Daily Shot

Bond Volatility – MOVE Index U.S. Treasury bond market volatility is soaring, as the risk of a U.S. recession is rising. Image: The Daily Shot

Risky vs. Safe Assets Fund Flows Risky vs. safe assets fund flows remain negative. Image: Goldman Sachs Global Investment Research

Forward 10-Year Real Returns and CAPE Valuations Should U.S. equity investors expect anemic returns over the next 10 years? Image: Real Investment Advice

S&P 500 Index Midterm Returns After Two Consecutive Negative Quarters During the midterm year, two consecutive negative quarters tend to lead to negative average returns one and two quarters out. Image: BofA Global Research

Bank Loan Flows Bank loan flows remain very negative. Image: BofA Global Investment Strategy