Valuation – S&P 500 Forward Price-to-Earnings Is the S&P 500 valuation stretched? Valuations are currently the highest since early 2018. Image: Truist

FMS Global Yield Curve Expectations vs. U.S. Large/Small Cap Price Relative History suggests that U.S. small cap stocks outperform large cap stocks, when the yield curve steepens. Image: BofA Merrill Lynch Global Fund Manager Survey

S&P 500 Total Return, Adjusted for Inflation, in Three Years After Initial Election The stock market performance, adjusted for inflation, in first three years since Trump’s election is quite good. Image: Bloomberg

VIX Level and S&P 500 New Highs The VIX level when the S&P 500 reached new highs for the first time is rising. Image: Goldman Sachs Global Investment Research

Valuation – S&P 500 Deviation From Long-Term Moving Average Interesting chart showing that the S&P 500 is currently more than 15% above its 3-year moving average. Image: Real Investment Advice

Bull Market – U.S. Stocks-to-Bonds Ratio Chart showing the bull market in the U.S. stocks-to-bonds ratio. So far, the long-term support has held well. Image: BCA Research

S&P 500 Equity Risk Premium: Earnings Yield Minus 10-Year Treasury Yield Chart suggesting that the S&P 500 equity risk premium looks attractive. Image: Truist

Valuation – Commodity Prices Relative to S&P 500 Chart suggesting that commodity prices have never been more depressed relative to stocks, since the late 90’s. Image: U.S. Global Investors

Global Growth and U.S. 10-Year Treasury Yields Chart suggesting that global growth steers U.S. 10-year treasury yields. Image: Arbor Research & Trading LLC

U.S. Manufacturing and Services Value Added in Percentage of U.S. GDP U.S. manufacturing has decreased over the past decades and is now more than five times smaller than the service sector. Image: Macrobond

Valuation – Value vs. Momentum Stocks Chart suggesting that value stocks are currently very cheap vs. momentum stocks. The relative forward P/E of value vs. momentum is at two standard deviations below the average. Image:…