S&P 500 – Margin Debt vs. Long-Term Trend A rise in the ratio of margin debt to the S&P 500 market cap could indicate a bullish outlook for the U.S. stock market, potentially signaling confidence in the market’s upward trajectory. Image: Topdown Charts
S&P 500 and 12-Month Rate of Change in Margin Debt The rise in margin debt in June and July can be seen as a bullish signal for U.S. equities, indicating increased optimism and risk appetite among investors. Image: BofA Global Research Click the Image to Enlarge
FINRA Margin Debt and 12-Month Z-Score Is the current 12-month z-score for margin debt a contrarian bullish signal for U.S. stocks? Image: BofA Global Research
U.S. Equities – Margin Debt and S&P 500 Is the sharp decline of margin debt a contrarian bullish signal for U.S. stocks? Image: Morgan Stanley
S&P 500 Index vs. Margin Debt Should investors be worried that the margin debt growth rate falls below 50%? Image: Lohman Econometrics
S&P 500 (Top) and Margin Debt (Bottom) In recent history, margin debt tends to peak in advance of highs in the S&P 500. Image: BofA Global Research Click the Image to Enlarge
U.S. Equities – Margin Debt Since 1960 Is the growth of margin debt a concern? Image: Morgan Stanley Research
U.S. Margin Debt and S&P 500 Total Return Is it time to worry about the growth of margin debt? Image: Nordea and Macrobond
YoY Absolute Change in U.S. Margin Debt and YoY % Change in S&P 500 Should investors be worried about the growth of margin debt? Image: Gavekal, Macrobond
U.S. Equities, Margin Debt and Composite Valuation Index Margin debt has reached an all-time high. Does market euphoria suggest a correction coming? Image: Alpine Macro
FINRA Debit Balance in Securities Margin Accounts Leverage in margin accounts has surged since April 2025, reflecting strong market optimism. The catch is that higher leverage can turn painful fast when volatility spikes, triggering forced liquidations that weigh on the broader market. Image: Goldman Sachs Global Investment Research