S&P 500 Average Monthly Decline During Bear Market Should U.S. equity investors expect more pain ahead? Image: Morgan Stanley Wealth Management

Earnings – Cumulative S&P 500 Price Growth to Profit Growth Are S&P 500 earnings at risk? Well, the correlation between cumulative S&P 500 price growth and profits is very elevated. Image: Real Investment Advice

Market – Biotech ETF vs. Energy ETF (Price Relative) Will the rotation from inflation to deflation assets continue? Image: BofA Global Investment Strategy

Global Stock to Bond Ratio and U.S. Recessions Should investors be worried that the global stock-to-bond ratio is rolling over? Image: MBR Partners

S&P 500 Earnings Revisions Breadth vs. Dollar Index (DXY) A strong U.S. dollar doesn’t bode well for earnings revisions. Image: Morgan Stanley Research

U.S. Inflation Rate and S&P 500 Price/Earnings Ratio, YoY Change (Leading Indicator) The change in U.S. inflation rate tends to lead U.S. equity valuation by 6 months. Image: Pictet Asset Management

S&P 500 and U.S. Financial Conditions Should U.S. equity investors expect a new YTD low on the S&P 500? Image: BofA Global Research

% of Nasdaq Constituents Down 50% or More from their Price Highs More than 50% of Nasdaq stocks are down 50% or more from their price highs. Image: J.P. Morgan

Univ. of Mich. Consumer Sentiment Index and Russell 1000 Index, Trailing 12-Month Gross Profit Margin Should investors expect gross profit margins to disappoint in the coming months? Image: Morgan Stanley Wealth Management

U.S. Recessions Recessions in the United States are becoming rarer over time. 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