U.S. Headline Retail Sales U.S. retail sales look V-shaped, but can it last? Image: Morgan Stanley Research

Seasonality – S&P 500 60-Day Rolling Forward Return On average, July 31 marks the start of the worst 60-day stretch for the S&P 500 since 1990. Image: Morgan Stanley Research

U.S. Small Business Confidence and U.S. Employment Peak to Recovery Small business confidence is rebounding, but it could take many years for the U.S. labor market to recover. Image: BofA Global Investment Strategy

Flow – % Share of Rolling Three-Month ETF Inflows Investors reduced their equity exposure. Over the past 3 months, nearly 50% of all ETF inflows have funneled into HY, IG and Agg bonds. Image: Arbor…

Total Number of S&P 500 Guidance Instances The number of S&P 500 companies providing guidance declines over time. Image: BofA US Equity & US Quant Strategy

Flows into Tech Funds Potential bubble? Tech funds saw the largest 2-week inflow ever. Image: BofA Global Investment Strategy

Performance of U.S. Growth vs. Value Stocks, U.S. vs. non-U.S. Equities and S&P Cyclicals vs. Defensives Equity rotation are delivering for non-U.S. vs. U.S. markets and Cyclicals vs. Defensives, but not for Value vs. Growth.…

S&P 500 Index – Longest Bull Markets since WWII Chart showing every bull market since WWII. The recent bull market peaked at 400%. Image: LPL Research

S&P 500 Cash Return Payout Ratios (% of Net Income) S&P 500 payout ratio is in secular decline, as S&P 500 companies shift to buybacks. Image: Goldman Sachs Global Investment Research

Change in G4 Central Bank Balance Sheets (% G4 GDP, 12M Change) G4 central bank balance sheets are expected to expand by 28% of GDP by year-end 2021. Image: Morgan Stanley Research

Earnings Growth – Mega-Cap Growth Stocks vs. S&P500 ex Mega-Cap Growth Earnings for mega-cap growth stocks are expected to reach new highs in early 2021. That’s far better than the rest of the S&P 500.…