S&P 500 Annual Highs Per Month The S&P 500 has never peaked in June. Every other month has done so at least once since 1950. If history holds, the market’s high may still be ahead,…

GS Financial Conditions Index As markets climb, confidence is following suit, supported by looser U.S. financial conditions that are lifting both consumer spending and business investment. Image: Goldman Sachs Global Investment Research

Fear & Greed Index – Investor Sentiment The S&P 500 is flirting with record highs, and with the Fear & Greed Index holding at a neutral 55, the market is not showing signs of excess…

Relative Total Return Performance S&P 500 Momentum vs. Low Volatility Stocks The ratio of S&P 500 momentum to low volatility stocks is nearing Tech Bubble peaks, pointing to a tech-fueled late cycle. The trend can…

U.S. Equity Valuation Metrics (Z-Score Since 1900) U.S. stocks are trading at stretched levels, with most valuation gauges sitting more than two standard deviations above history. In this kind of market, “cheap” is a relic…

Equity Market Concentration – Market Capitalization of 10 Largest Companies as Share of S&P 500 Total The market once mirrored reality. Now it amplifies it. Ten mega caps make up 41% of the S&P 500,…

CPI Computers, Periph and Others vs. Import Price (Leading Indicator) AI may put upward pressure on near-term CPI, especially in computers, peripherals and related electronics, as surging demand lifts the cost of chips, memory and…

U.S. Real GDP Growth Goldman Sachs is sticking with its U.S. growth forecast, seeing the economy hold at 2.1% in 2026 and 2.0% in 2027, backed by tax cuts, easier financial conditions, and fading tariff…

NAAIM Exposure Index – Investor Sentiment At 86.82, the NAAIM Exposure Index shows active managers remain heavily invested in U.S. equities, reinforcing a bullish risk tone. The National Association of Active Investment Managers Exposure Index represents the…

The Math of Drawdowns – Recovery Requied to Break Even After a Portfolio Decline Cut a portfolio in half and you need to double it to break even. That is not bad luck, it is…

S&P 500 Performance One Year After 5% Monthly Gains The bulls have history on their side. Since 1950, a May rally of more than 5% in the S&P 500, like this year, has been followed…