S&P 500 Returns After 20%-plus Gains at the End of October Historically, the return for the last two months has averaged 6.2%. Image: LPL Research

Federal Reserve Broad Dollar Indexes The dollar’s current level in real terms is elevated, but lower than previous peaks. Image: Peterson Institute for International Economics

Global Debt Levels – Advanced Economies and Emerging Markets Historically, high debts create serious risks. Global debt levels have increased significantly since the Global Financial Crisis. Image: BofA Merrill Lynch Global Research

S&P 500 vs. U.S. CEO Confidence Survey Economic Expectations The S&P 500 is in “Fear of Missing Out” mode, while CEO confidence has fallen to its lowest level in a decade. Image: Nordea and Macrobond

Global GDP Growth Outlook vs. Consensus SocGen remains below the consensus forecasts and expects a mild recession around mid-2020 in the U.S. and a projected U.S. GDP of 0.7%. Image: Societe Generale Cross Asset Research

Probability of U.S. Recession in the Next 12 Months Chart suggesting that the probability of U.S. recession in the next 12 months has turned lower in recent weeks to 10%. Image: Morgan Stanley Research

Range of Returns Two Years After Fed Rate Cut Historically, equities rally significally, when the Fed eases during soft patches. Image: Barclays Research

Median S&P 500 12-Month Returns Based on Control of U.S. Government A unified government under the Democrats could represent a major risk for the S&P 500 in 2020. Image: Goldman Sachs Global Investment Research

S&P 500 Index vs. U.S. High Bond Yield Spread Chart showing the current divergence between U.S. equities and high yield bond spreads, while they are generally correlated. Image: Jeroen Blokland

Russell 2000 Returns After New 52-Week Highs After more than a year without a new 52-week high, the Russell 2000 has been higher 12 months later 10 of 11 times and up 17% on average.…

Total U.S. Equity Fund Flows and Market Capitalization Currently, equity fund outflows over 12m (rolling) are at 1% of market capitalization, as in March 2003, March 2009 and June 2012. Image: UBS