It's difficult to know how to invest with building liquidity and growth headwinds while structural trends remain positive. For equities, one of the simple regime indicators we use tracks moving average crossovers on S&P 500 earnings. Whenever the 10-week moving average of S&P T12M EPS is higher than the 40-week moving average, we define it as a structurally bullish regime.
Cyclical headwinds vs structural tailwinds
Cyclical headwinds vs structural tailwinds
Cyclical headwinds vs structural tailwinds
It's difficult to know how to invest with building liquidity and growth headwinds while structural trends remain positive. For equities, one of the simple regime indicators we use tracks moving average crossovers on S&P 500 earnings. Whenever the 10-week moving average of S&P T12M EPS is higher than the 40-week moving average, we define it as a structurally bullish regime.