Cumulative Daily Equity ETF Flows Equity ETF flows show no sign of slowing: 2026 is smashing every historical comparison, and July’s volatility barely dented risk appetite. Investors remain firmly all-in on equities. Image: Strategas Asset Management
Central Bank Gold Demand in Real USD Central banks are still the backbone of gold’s bull market. Deutsche Bank remains bullish, calling the metal’s “explosive phase” intact, with targets of $4,700 an ounce by year-end, $5,100 in 2027 and $5,442 in 2028. Image: Deutsche Bank
Margin Debt and Net Investor Credit Balance NYSE margin debt just blew past $1.5 trillion. Investors are piling into leverage with both hands, leaving little room for error. The market has gotten riskier, more fragile, but that doesn’t mean a crash is guaranteed. Image: Real Investment Advice
S&P 500 Bull Markets Over the past 50 years, the average U.S. bull market lasted 8 years and delivered a 288% gain. This one is just under 4 years old and up 115%, so it still looks far from exhausted, leaving bears trapped in a painful squeeze. Image: Carson Investment Research
Gold Price Forecast Gold’s rally still has central banks at its back. Deutsche Bank remains bullish on the metal, putting fair value at about $4,700 an ounce by year-end, then $5,100 in 2027 and $5,442 in 2028. Image: Deutsche Bank
S&P 500 YoY EPS Growth The median S&P 500 company is set to deliver 12% EPS growth in Q2 2026, well short of the 26% surge forecast for the aggregate index. Image: Goldman Sachs Global Investment Research
Risky vs. Safe Assets Fund Flows As confidence returns, cash is pouring into risk assets while safer funds sit on the sidelines, pointing to a robust appetite for higher-return bets. Image: Goldman Sachs Global Investment Research
U.S. High Yield Credit Spreads vs. VIX High-yield spreads are pricing in a smooth ride. Spreads are tight, balance sheets look solid, and the risk is that confidence slips into complacency. Active monitoring helps catch early signs of stress.Image: Topdown Charts
Valuations – S&P 500 12-Month Fwd P/E Multiple – Top 5 Largest Stocks vs. Other 495 Stocks After nearly a decade of commanding sky-high multiples, the five largest U.S. stocks have lost their valuation premium, with average P/Es barely above the rest of the S&P 500. Image: Goldman Sachs Global Investment Research
Proportion of S&P 500 Beating Earnings Estimate There’s no sign of cracks in earnings momentum. Almost 88% of S&P 500 companies are beating earnings estimates, with the beat rate running well ahead of the 74% long-term average. Image: Deutsche Bank Asset Allocation
Consensus Forward 12-Month S&P 500 EPS Equal-weight S&P 500 prices and EPS have risen steadily together. Earnings are still doing the heavy lifting, but the gains are uneven and increasingly concentrated in a handful of companies and sectors. Image: Goldman Sachs Global Investment Research