S&P 500 Price Return and S&P 500 as Reported EPS Equity markets tend to follow the EPS trend. Image: Nordea and Macrobond

Coronavirus – U.S. COVID-19 Cases, Hospitalization Rate and Vaccination Rate U.S. COVID-19 data is encouraging, as new daily infections and hospitalizations are declining. Image: Morgan Stanley Wealth Management

World Trade Volume of Goods and Services The International Monetary Fund expects global trade to rebound in 2021 and 2022. Image: Bloomberg

U.S. Zombie Companies and U.S. 10-Year Real Yields Chart showing that the percentage of zombie companies continues to rise as U.S. 10-year real yields fall. Image: Arbor Research & Trading LLC

M2 Money Supply and Inflation The link between money supply and inflation seems to have collapsed. Image: Real Investment Advice

Alternative Measures of U.S. Consumer Activity U.S. consumer spending increased sharply over the last few weeks and is now above its pre-coronavirus level. Image: Goldman Sachs Global Investment Research

S&P 500 Number of Daily Drawdowns Greater Than 3% Last year, the S&P 500 had a very high number of daily drawdowns greater than 3%. Image: J.P. Morgan

Bull Market – IG + Tech Fund Flows and S&P 500 What will end the current bull market? Image: BofA Global Investment Strategy

YoY Absolute Change in U.S. Margin Debt and YoY % Change in S&P 500 Should investors be worried about the growth of margin debt? Image: Gavekal, Macrobond

Valuation – S&P 500 Index Current Percentile Ranking Relative to History S&P 500 valuation metrics are elevated by historical standards. Image: Morgan Stanley Wealth Management

Central Bank Liquidity and the Market Capitalization of Tech Stocks Central bank liquidity tends to push tech stocks higher. Image: BofA Global Investment Strategy