Cyclical Value vs. Defensive Value Energy and financials are expected to outperform the S&P 500 as the recovery continues. Image: Topdown Charts

Performance – S&P 500 and U.S. M2 Money Supply Minus Nominal GDP Growth (Leading Indicator) Should investors expect the S&P 500 to perform poorly over the next 12 months? Image: Alpine Macro

U.S. 10-Year Treasury Yield vs. Industrials/Precious Metals How long will the U.S. 10-year Treasury yield diverge from industrials/precious metals? Image: Morgan Stanley Wealth Management

New S&P 500 Index All-Time Highs Through September Historically, a lot of new all-time highs in September tend to be bullish for Q4. Image: LPL Research

S&P 500 Total Return Decomposition Goldman Sachs expects S&P 500 returns to be moderate in 2022 and beyond, driven primarily by earnings growth. Image: Goldman Sachs Global Investment Research

S&P 500 and Percent of Stocks at 20-Day Low The number of S&P 500 stocks trading at 20-day lows has increased. Image: Morgan Stanley Wealth Management

China Credit Impulse and Commodities (Leading Indicator) China credit impulse tends to lead commodity prices by 12 months. Image: Nordea and Macrobond

Drawdowns – Average and Median Percent Change to the Current Month’s Low from the Prior Month’s High in Presidential Cycle Year 1 Drawdowns happen all the time. But historically, October has the most severe S&P…

MSCI World Value Index/MSCI World Growth Index vs. Global Agg. Treasuries Index, Yield to Worst Value should outperform Growth and follow the rise in global rates. Image: Morgan Stanley Wealth Management

6-Month or Greater Win Streaks for the S&P 500 Index 6-month win streaks for the U.S. stock market are quite rare. Can the S&P 500 keep rising after the near 5% correction last month? Image:…

Oil and Gas – Commodity Price Forecasts BofA expects Brent crude oil prices to reach $100/bbl in September 2022. Image: BofA Global Research