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Trend & Cycle Roadmap

RBC Capital Markets, LLC / Portfolio Advisory Group All values in dollars and priced as of May 11 at 4:00 pm ET unless otherwise noted For Important Disclosures, see page 4 Investment and insurance products offered through RBC Wealth Management are not insured by the FDIC or any other federal government agency, are not deposits or other obligations of, or guaranteed by, a bank or any bank affiliate, and are subject to investment risks, including possible loss of the principal amount invested. Produced: May 11, 2022 17:03ET; Disseminated: May 11, 2022 17:10ET Lower lows for equity markets confirm downtrend as rates pause at 2018 Cycle highs Wednesday s CPI report did little to alter the negative trajectory of equity markets, but interestingly, treasury yields continue to show very early signs of pausing under critical technical levels.

The 4-year cycle revisited – Maturing after a 2-year rebound but the uptrend remains intact. The chart below is of the S&P 500 since the late 1940s, with the yellow vertical lines illustrating a repeating 4-year cycle that we believe investors should consider as …

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