Money Market Funds Assets as a % of Global Equity Market Capitalization Cash has been rising in the last few months but remains low as a % of global equity market capitalization. Image: BofA Global Investment Strategy
Markets – Financial Conditions, Global Manufacturing, PMI, S&P 500, U.S. Dollar, 10-Year UST Yield and Fed Fund Rates Should investors brace for tighter financial conditions in 2022? Image: BCA Research
% of Total Flows into Equity Mutual Funds and ETFs since 1996 Historically, January tends to see strong equity inflows. Image: Goldman Sachs Global Investment Research
Valuation – S&P 500 Next 12 Months P/E Ratio vs. University of Michigan Consumer Expectations Index The valuation of the S&P 500 remains high as consumer expectations fall. Image: Morgan Stanley Wealth Management
Stock Market Breadth – NYSE Stocks Above 200-DMA and S&P 500 Price Relative to 200-DMA Stock market breadth has worsened significantly over the last months. Image: Morgan Stanley Wealth Management
Developed Market Long-Only Flows Why do equity investors hit the sell button? Image: BofA Global Investment Strategy
S&P 500 Members Why is the S&P 500 hard to beat this year? Image: S&P Global Market Intelligence
M2 / Equity Market Capitalization vs. S&P 500 Could a liquidity shortage send the S&P 500 lower? Image: Alpine Macro
Seasonality – Average Monthly Change in EUR/USD Will EUR/USD fall in January 2022? Image: Nordea and Macrobond
Liquidity and Solvency Risk Indices Liquidity and solvency risk indices remain low, which is good news for stocks. Image: Arbor Research & Trading LLC
Valuation – Europe STOXX 600 12-Month Forward P/E European stocks still look cheaper than their U.S. counterparts. Image: Goldman Sachs Global Investment Research