S&P 500 – the Rally from March 2020 vs. the Rally from March 1935 Will the S&P 500 follow the rally from March 1935? Image: BofA Global Research

Days Since 5% Pullback From S&P 500 All-Time Highs The S&P 500 hasn’t seen as much as a 5% pullback since last October. Is a pullback approaching? Image: BofA Global Research

Gold (Inverted) and U.S. 10-Year Real Rates Generally, gold tends to suffer with rising real yields. Image: Goldman Sachs Global Investment Research

Number of Trading Days for Each S&P 500 Bull Market to Double Since WWII, this is the fastest bull market to double off a bottom. Image: CNBC

Buyback Basket Monthly Hit Rate of Outperformance vs. S&P 500 Buyback stocks tend to outperform the S&P 500. Image: Goldman Sachs Global Investment Research

Gold Price in US$ vs. U.S. 10-Year Treasury Minus 10-Year TIPS (Inverted) Should investors expect real yields to rise? Generally, gold tends to fall when real yields rise. Image: Topdown Charts

S&P 500 Index and U.S. Corporate High Yield Index Is high yield credit a bearish sign for the S&P 500? Image: Morgan Stanley Wealth Management

U.S. Equity Futures Positions – S&P 500, Russell 2000 and Nasdaq 100 S&P 500 futures positions remain long, while Russell 2000 and Nasdaq 100 futures positions are short. Image: Deutsche Bank Asset Allocation

U.S. Consumers – Z-Scored University of Michigan Buying Conditions Consumer buying conditions for durable goods, vehicles and homes are at their worst since 1980. Image: Arbor Research & Trading LLC

Lumber/WTI Crude Oil and ISM Manufacturing PMI (Leading Indicator) Slower economic growth is expected over the next 14 months. Image: Gavekal, Macrobond

Real Earnings Yield – S&P 500 12-Month Forward Earnings Yield Minus 10-Year TIPS Breakevens Is the S&P 500 real earnings yield now bearish for the U.S. stock market? Image: Topdown Charts