U.S. Credit Impulse as % of GDP vs. U.S. Private Domestic Demand Growth Credit growth in the U.S. has historically been a good indicator of underlying GDP growth. Image: Deutsche Bank

U.S. Equity Sentiment Index Since 1997 The U.S. stock market sentiment is holding zero. Image: Nomura

CTA’s Net Position in S&P 500 Futures vs. the S&P 500 This chart suggests that CTAs could continue their net buying of S&P 500 futures. Image: Nomura

Global Growth and Macro Data Macro data are turning sharply positive. Is the recovery faster than expected? Image: Goldman Sachs Global Investment Research

U.S. Elections and S&P 500 Average 3-Month Forward Return from August 1st During Election Years The S&P 500 tends to see worse-than-average performance leading up to U.S. elections. Image: Morgan Stanley Research

Global Breadth – MSCI ACWI and Global Advance-Decline Line of 73 Country Indices The chart suggests a bullish trend for the weekly global index level breadth. Image: BofA Global Research

Coronavirus vs. Spanish Flu The Spanish flu hit the world in three waves. Is a second or a third wave of the coronavirus pandemic likely? Image: BCA Research

U.S. Macro Fundamentals vs. S&P 500 This chart shows the current wide divergence between U.S. lead indicators and the S&P 500 (R² = 0.97). Image: Pictet Asset Management

Coronavirus Hit to the Level of U.S. Real GDP Goldman Sachs now forecasts U.S. GDP growth of -4.2% in 2020 and +5.8% in 2021 (baseline scenario). Image: Goldman Sachs Global Investment Research

Interest Rates – Market-Implied Probability of Negative Policy Rate 1 Year Ahead Negative interest rates in the US and the UK ahead? Option markets point to elevated probabilities. Image: Goldman Sachs Global Investment Research

Eurozone Real M1 Money Supply Growth vs. Real GDP Growth This chart suggests the relationship between real M1 growth and euro area GDP growth. Image: Longview Economics