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

Equity Risk Indicator and S&P 500 The equity risk indicator remains positive and is far from stretched. Image: Morgan Stanley Research

U.S. and China Tech Stocks Relative Returns Will China tech stocks continue to underperform their market? Image: Goldman Sachs Global Investment Research

Valuation – World Technology 12-Month Forward Earnings Yield Minus 2.5% and U.S. 10-Year Treasury Bond Yield Tech stocks are less attractive, as the world tech 12-month forward earnings yield minus 2.5% has reached the upper…

Nominal GDP Growth Nominal GDP growth is expected to be strong over the next couple of years. Image: BCA Research

Inflation – Cost of Shipping Goods from China Container rates from China are rocketing higher. Image: BofA Global Investment Strategy