Net Retail Investment Flow as a % of Aggregate Market Capitalization Aggregate small-cap outflows by retail investors have been significant compared to their aggregate market capitalization. Image: Goldman Sachs Global Investment Research

S&P 500 – YoY Change in Costs The growth rate of corporate costs is very high. Should investors expect a margin squeeze? Image: Morgan Stanley Wealth Management

Inflation – S&P 500/WTI Could the United States face an energy crisis? Image: Gavekal, Macrobond

EM Currencies vs U.S. Dollar – Market Breadth The bullish breadth divergence suggests a potential upside among EM currencies. Image: Topdown Charts

FMS Cash Balance and S&P 500 FMS cash levels jumped to 5.3% in February, which is contrarian bullish. Image: BofA Global Fund Manager Survey

Median Sell-Off on Earnings Misses U.S. companies that missed their earnings estimates have been severely punished. Image: Deutsche Bank

Valuation – MSCI Europe 12-Month Forward P/E Valuation is back to pre-pandemic levels for European stocks. Image: Deutsche Bank Asset Allocation

FMS Investors – Net % Thinking Late-Cycle Are the conditions for a late cycle met? Image: BofA Global Fund Manager Survey

Valuation – S&P 500 12-Month Forward P/E Ratio and 2-Year U.S. Treasury Yield Historically, rising rates tend to compress S&P 500 valuation multiples. Image: Alpine Macro

10-Year Government Bond Yield Will global 10-year government bond yields continue to rise? Image: Morgan Stanley Wealth Management