Steepness of VIX Curve vs. S&P 500 This chart suggests a warning sign for the S&P 500. Image: Longview Economics

S&P 500 Forecast for 2020 Goldman Sachs forecasts a price-target for the S&P 500 at 3400 by year-end 2020, and a downside scenario at 2600 depending on tariffs and the US election result. Image: Goldman…

Broad Trade-Weighted U.S. Dollar Forecast Chart suggesting that the U.S. dollar is expected to weaken in 2020, as global economic activity improves. Image: Goldman Sachs Global Investment Research

Number of U.S. Listed Stocks and Average Age of U.S. Listed Stocks The U.S. stock market is shrinking. The number of firms listed on U.S. stock exchanges has fallen by nearly 50% since 1996. Image:…

U.S. Dollar Debt in Emerging Markets This chart shows the wall of dollar debt in emerging markets over the next decade. Image: Financial Times

EUR/USD and Differential in Balance Sheet Growth Fed – ECB Chart suggesting that differentials in balance sheet growth between the Fed and the ECB have pushed the U.S. dollar higher. Image: BofA Merrill Lynch Global…

U.S. High Yield Credit Spreads and Recessions Chart suggesting that there is little recession fear baked into U.S. high yield credit spreads at the moment. Image: J.P. Morgan

U.S. Corporate Leverage U.S. corporate leverage is high and close to its previous peak on a net debt to EBITDA. Image: Goldman Sachs Global Investment Research

Gold Price and Central Bank Gold Sales & Purchases Chart suggesting that gold purchases from central banks have contributed to the rise in gold prices. An R² of 0.85 (since 2004) is quite high and…

Global Equities vs. Global Manufacturing PMI Chart suggesting that market participants expect global manufacturing PMI to rebound strongly. Image: Topdown Charts