PULSE Monitor

Citi's PULSE Monitor assesses US equities through its five-factor framework: Price stays negative as cross-asset valuations sit in the top decile even though forward multiples are now below 10-year averages; Unanticipated stays negative as equity implied volatility begins to work higher from relatively benign levels; Liquidity holds at negative as sizable domestic equity fund outflows continue; Sentiment stays negative, with multiples marginally above the top end of the fair-value range and the Levkovich Index firmly in euphoric territory;