Stuck in neutral: What's next?

Neutral

Aggregate equity positioning is massively neutral here.

Source: DB

Fast money

Source: DB

Mostly upside

Source: GS

SPX - where are we?

Source: Refinitiv

Fear - the only thing moving

Source: Refinitiv

Crashing breadth

Source: MS

Earnings as well

Source: MS

Fat vs luxury - perfect substitutes?

Source: Refinitiv

What can drive Novo higher from here?

Small business - Big interest payments

Source: Goldman