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 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

The Length of Recovery in the Last 12 Bear Markets Should investors remain cautious on equities, as capitulation has not been reached for risk assets? Image: BCA Research

Volatility – S&P 500 Spot Price and VIX Index The VIX remains below early 2022 peaks, despite the sell-off. Image: Goldman Sachs Global Investment Research

S&P 500 Index and 3-Year Moving Average The S&P 500 will likely break below its 3-year moving average, as recession fears mount. Image: BCA Research

ISM Manufacturing Index and Regional Manufacturing Surveys Regional manufacturing surveys do not bode well for the ISM Manufacturing Index. Image: True Insights

Median Peak to Trough LTM Earnings Decline Across 6 Recessions On average, S&P 500 earnings fall 19% peak-to-trough during recessions. Image: Goldman Sachs Global Investment Research

Survey – When Will the Next U.S. Recession Occur? Only 17% of respondents expect the next U.S. recession to occur this year. Image: Deutsche Bank Research

Copper to Gold Ratio and 10-Year U.S. Treasury Yield Does the copper to gold ratio suggest stagflation is around the corner? Image: Morgan Stanley Research

Continuing Jobless Claims and U.S. Recessions A jump in continuing jobless claims will signal an imminent U.S. recession. Image: Deutsche Bank

Progression of Bottom-Up Consensus S&P 500 EPS Estimates Consensus earnings estimates are likely too elevated. Image: Goldman Sachs Global Investment Research