Length of Bull Markets and When They Started The current bull market, which began in October 2022, remains relatively young by historical standards and could persist much longer than bearish observers expect. Image: Carson Investment Research
Median S&P 500 Stock Short Interest as % of Market Capitalization The elevated median short interest in the S&P 500 for 2025 suggests that investors are more cautious, but it does not yet signal widespread bearishness or panic. Image: Goldman Sachs Global Investment Research
Probability of S&P 500 Drawdown / Rally The S&P 500 has reached a point where the probabilities of a sharp rally and a meaningful drawdown are closely aligned, signaling a market at equilibrium. Image: Goldman Sachs Global Investment Research
Cumulative Flows in All Bitcoin Funds and Gold ETF Holdings The past month has seen a clear preference for Bitcoin over gold among investors, driven by a shift toward riskier assets, robust technical performance, and accelerating ETF inflows into Bitcoin. Image: Goldman Sachs Global Investment Research
Citi U.S. Economic Surprise Index The recent decline in the U.S. Citi Economic Surprise Index indicates that the economy is currently underperforming analysts’ expectations. Image: Real Investment Advice
U.S. Small-Cap Stocks – Russell 2000 vs. S&P 500 While U.S. small-cap stocks have notably underperformed large caps for an extended period, history suggests that such cycles are not unusual and are often followed by multi-year stretches of small-cap outperformance. Image: Bloomberg
Stocks – Dow Jones with Major Geopolitical Events While geopolitical events can cause short-term market volatility, historical evidence shows that U.S. stocks tend to recover and grow over the long term. Image: Carson Investment Research
Consumer Sentiment Index and Subsequent 12-Month S&P 500 Returns Historically, sharp drops in consumer sentiment have often preceded strong stock market performance over the following year, making sentiment lows a potential signal for future gains. Image: J.P. Morgan Asset Management
Gold Speculative Positions Speculative positioning in gold has declined sharply in recent weeks, driven by profit-taking, risk repricing, and rotation into other asset classes. Image: J.P. Morgan
Valuation – S&P 500 NTM P/E Investors assign a higher earnings multiple to the S&P 500 market cap-weighted index than to the equal-weight index, reflecting a clear preference for the growth potential and market dominance of larger companies. Image: Goldman Sachs Global Investment Research
Global Stocks – MSCI ACWI Index Resilient economic data, a softer stance on tariffs, and optimism in technology sectors have driven global stocks to new highs, even as trade jitters persist. Image: Bloomberg