Crude Oil Forecasts Goldman Sachs expects oil prices to decline from current levels. Image: Goldman Sachs Global Investment Research

S&P 500 Market Cap/M2 Money Supply The S&P 500 market capitalization relative to M2 money supply suggests more upside. Image: Morgan Stanley Research

S&P 500 vs. Profit Margins Do valuations still matter? The current divergence between the S&P 500 and profit margins is huge. Image: Crescat Capital LLC

Job Losses During Recessions in the U.S. The March-May job loss is two times larger than the total GFC job loss. On the positive side, U.S. job losses see revival in May. Image: Oxford Economics

Performance for the Year: S&P 500, Nasdaq Composite and Dow Jones Industrial Average U.S. stocks climbed, erasing 2020 losses, as easing lockdowns boosts risk appetite. Image: Financial Times

U.S. Civilians Not In Labor Force To put things into perspective, there currently about 137 million employed workers in the United States, and 102 million Americans are not in the labor force. Image: Deutsche Bank…

S&P 500 vs. 60/40 Portfolio Since 2020, the S&P 500 has delivered higher returns than the 60/40 portfolio but with greater volatility, while the 60/40 portfolio has provided more stability at the cost of lower…

Valuation – Number of S&P 500 Members with 14 Day RSI Above 70 Market complacency is high, as the RSI level is getting into overbought condition for many S&P 500 stocks. Image: The Daily Shot

Oil Rig Counts and WTI Crude Oil Price (Leading Indicator) Oil price is impacting drilling activity. WTI crude oil price tends to lead oil rig counts by three months. Image: Nordea and Macrobond

U.S. Financial Conditions U.S. financial conditions are easing at fastest pace since 1990, thanks to policy stimulus. Image: Goldman Sachs Global Investment Research

Share of S&P 500’s Total Market Value, Five Biggest Stocks The market capitalization of the five largest companies now accounts for 20.4% of S&P 500 total and has nearly doubled since 2013. Image: The Wall…