Exhibit 58: Coppock Curve S&P 500 Buy Signals Exhibit 59: Inflection Point for Negative One of only 17 post-WWII buy signals was triggered in Correlation Between Bond Yields and Stock Prices July 2016. Typically stocks and interest rates move in the same direction until yields reach levels far above those seen today. S&P 500 Index (Log Scale) US 10-Year Treasury Yield (%) 10,000 6 51 5 4 4 3.9 1,000 = | 24 2 J 1 T 100 1 14 t 0 Dn t Current Historical Since 1962 Adjusted for Today's tT Lower Equilibrium Rate* 10 - Yield at Which Stock Prices and 1945 1955 1965 1975 1985 1995 2005 2015 Bond Yields Become Negatively Correlated Data through December 31, 2016. Data as of December 31, 2016. Source: Investment Strategy Group, Bloomberg. Source: Investment Strategy Group, Bloomberg, Federal Reserve. * Adjusts for the reduction of 1.25 percentage points in the long-run equilibrium nominal rate, in line with the shift in Federal Reserve projections since 2012. Some have taken a less sanguine view, arguing that the “taper tantrum” of 2013 suggests bond Exhibit 60: US Dollar Index yields have already reached a troublesome level for Even if the dollar stays unchanged, it will still act as a drag stocks. However, the tantrum primarily reflected on US multinational earnings in early 2017. concerns that by tightening policy prematurely, the yy» Federal Reserve was committing a mistake that 40 ——— 8S ollar Index = * . US Dollar Index Assuming Constant from 12/31/16 Level would undermine growth—a fact evident in the episode’s widening credit spreads and declining % 26 breakeven inflation rates. Despite a similarly ” rapid increase in rates this time around, we have “ seen the opposite market reaction, with credit ti "1 spreads tightening and breakeven inflation rates moving higher alongside growth expectations. 0 This contrast reminds us that the reason rates are increasing is as important as their resulting level. 10 Aside from rates, ongoing concern about a hard landing in China an