Y/Y growth rate in the money supply and the Fed balance sheet.

Ever more money being pumped into the U.S. economy, with less and less being channeled to the manufacturing industry.

The euphoric heights of this ratio indicate troubles ahead for both the U.S. stock market and the economy in 2018.

The combination of a slower money supply growth rate and record low interest rates indicate the stock market is now exceedingly dependent on another greater fool.

The money supply growth rate is on course to turn negative. This deflationary pressure is a big negative for stocks and will more likely than not trigger a stock market sell-off unless the trend turns soon.

This two-part indicator suggests a substantial risk for poor future stock market returns. At best.

Growth in the amount of savings deposits does not mean there is a savings glut in the U.S.

The previous rampant monetary inflation is likely to produce more stagflation, not growth.

The level of margin debt is better used as a stock market risk gauge than as a tool for timing stock market peaks.

Bank lending in the U.S. continues to contract. The outcomes were not pretty when lending growth previously contracted during the last few decades.

The money supply growth rate continues to slide indicating a potential increase in economic stress.

The shorter term growth rate in the money supply has now turned negative for the past four weeks. The last time this happened, Lehman collapsed.

Lending growth in the U.S. is plunging indicating another credit cycle has come to an end, which may soon trigger another financial crisis.

Only on one previous occasion has the reading of this stock market valuation indicator been higher: March 2000, the peak of the dotcom bubble.

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The current elevated ratio of stock market prices to bank equity indicates further upside potential is limited while downside risk is substantial.