Valuation – S&P 500 Operating Earnings Per Share If companies are able to maintain their profit margins, the forward P/E ratio of the S&P 500 could fall to 20.1x by 4Q22. Image: J.P. Morgan Asset…

U.S. Equities – Maximum Drawdown Per Calendar Year Should investors expect a bigger drawdown at some point in 2021? Image: True Insights

U.S. 10Y-2Y Yield Curve and U.S. NBER Recessions As the economic recovery becomes more mature, the yield curve tends to flatten. Image: Goldman Sachs Global Investment Research

U.S. 5s30s Yield Curve and Tapering of QE Will the yield curve continue to flatten? Image: Nordea and Macrobond

Housing – House Price Appreciation Is there currently a global housing bubble? Image: BofA Global Research

U.S. 10Y-2Y Yield Curve and U.S. ISM Manufacturing The yield curve tends to flatten with peaks in the ISM. Image: Goldman Sachs Global Investment Research

Cross-Asset Momentum Indicator (Risk-On Cross Asset Breadth) The cross-asset momentum indicator has turned negative. Image: Deutsche Bank Asset Allocation

Valuation – S&P 500 NTM P/E Ratio (Aggregate Index and Median Stock) Absolute equity valuation remains stretched vs. history. Image: Goldman Sachs Global Investment Research

Individual Investors Activity in Options – S&P 500 Options and Top 50 Options Options trading activity among individual investors remains elevated. Does it suggest a future market meltdown? Image: Goldman Sachs Global Investment Research

When Do You Think the Fed Will Hike Rates? Will the Fed raise rates in January 2023? Image: BofA Global Fund Manager Survey

S&P 500 2020-2021 Total Returns and Historical H2 Returns After similar first half gains, the S&P 500 could jump another 8% by the end of the year. Image: BofA Research Investment Committee