Monthly S&P 500 Seasonality for Presidential Cycle Year 1 S&P 500 seasonality shows that December is historically a positive month in Presidential cycle year 1. Image: BofA Global Research

S&P 500 – >20% YTD Return at the End of November When the S&P 500 is up more than 20% at the end of November, December tends to be bullish for U.S. stocks.

Household Equity Ownership vs. Fed Balance Sheet The expansion of the Fed’s balance sheet tends to increase household equity ownership. Image: Real Investment Advice

Valuation – Price/Earnings Ratio, S&P 500 vs. MSCI World Ex-U.S. Should equity investors consider overseas stocks? Image: Morgan Stanley Wealth Management

U.S. NIPA Profit Margins and Recessions U.S. corporate profits are booming. Image: Oxford Economics

Coronavirus – New COVID Variant Omicron (Survey) Should investors be worried about the new COVID variant Omicron? Image: Deutsche Bank Research

U.S. Dollar, Import Prices and Inflation The rise in the U.S. dollar could suggest a peak in CPI inflation. Image: Real Investment Advice

Rolling 12 Month Flows to Equities Are inflows into equities peaking? Image: BofA Global Investment Strategy

Euro to U.S. Dollar (EUR/USD) and Real 5y5y Swap Spread (EUR – USD) – Leading Indicator The real 5y5y swap spread (EUR – USD) tends to lead EUR/USD by 9 months. Image: Nordea and Macrobond

% of NYSE Stocks Trading Above Their 200-Day Moving Average Based on the percentage of NYSE stocks above their 200-day moving average, market breadth has weakened. Should investors be worried? Image: BCA Research

Risk Appetite Indicator and U.S. ISM Manufacturing The risk appetite indicator is below zero, as investors expect growth to slowdown. Image: Goldman Sachs Global Investment Research