S&P 500 – What If This Is The Bottom? The S&P 500 is currently tracking the 2009 recovery analog. Image: Fidelity Investments

Correlation of U.S. Bonds to S&P 500 The diversification benefit of bonds could be reduced, as the correlation of U.S. bonds to equities has become less negative. Image: Morgan Stanley Research

Housing – Mortgage Loan Applications to Purchase a Home in the U.S. Mortgage loan applications to purchase a home in the U.S. are back to pre-pandemic levels. Image: BofA Global Research

U.S. Average P/E Ratio and Inflation Range This chart suggests that rising inflation is good for P/E until inflation exceeds 3%. Image: Credit Suisse Research

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

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…

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