Trailing 4-Quarter Net Equity Demand Household buying has stayed strong, more than offsetting weaker corporate demand for U.S. equities. Image: Goldman Sachs Global Investment Research

S&P 500 vs. G10 Excess Liquidity Leading Indicator G10 excess liquidity remains negative, leaving U.S. stocks without a crucial source of support over the next three to six months. That’s unlikely to change unless monetary…

Risk Appetite Indicator Level and Momentum Factors Goldman Sachs’ Risk Appetite Indicator has retreated from extreme levels to -0.5, as investors grow more cautious. That leaves risky assets with more room to climb than they…

Fund Flows to Tech Leveraged Equity ETFs Investors kept buying tech funds as prices fell, even piling into leveraged products. That signals resilient risk appetite, and leaves room for a sharp rebound if sentiment turns.…

S&P 500 Index Returns in October October’s final week has often been kind to U.S. stocks. Late-month lows are nothing new, and deeply bearish sentiment could set the stage for another buying opportunity. Image: Carson…

Largecap MCG & Tech Positioning and Earnings Growth Tech positioning remains well below what expected earnings growth would suggest. That gap leaves room for a catch-up trade. Image: Deutsche Bank Asset Allocation

S&P 500 Returns Around Midterm Elections Midterm season has often been kind to U.S. stocks: The S&P 500 rose in 21 of the past 23 midterm cycles, from one month before Election Day to two…

MSCI Cyclicals/Defensives Return A brighter growth outlook tends to lift cyclical stocks, while defensive stocks can help cushion portfolios when the economy slows. Right now, cyclicals relative to defensives are sliding sharply. Image: Goldman Sachs…

Median Short Interest Across U.S. Stocks Since 2022, traders have steadily built bearish bets on U.S. stocks. If momentum flips, those positions could quickly become fuel for a rally. Image: Deutsche Bank Asset Allocation

S&P 500 and Predecessors, Calendar-Year Price Returns Since 1928 The S&P 500 and its predecessors have finished higher in 73% of years since 1928. Risk never disappears, but staying bearish means fighting a long-standing tailwind.…

Truck Tonnage vs. S&P 500 Index The Truck Tonnage Index The Truck Tonnage Index increased 0.8% in September. Trucks represent 72.7% of U.S. freight and serve as a barometer of the U.S. economy. This chart…