In this week’s podcast, we run through the takeaways from our latest Macroscope report, our big monthly chart book in which we update our thoughts on the US equity market outlook from both a top-down and bottom-up perspective. We know all eyes are focused on Russia and Ukraine, but we thought it's important to pause and reflect on where things are at this particular moment in time. Three big things you need to know: First, we continue to see a path for the S&P 500 to our 2022 year-end price target of 5,050, but remain mindful of risks to our view. Second, we’re getting closer to an inflection back to Growth leadership. Third, Small Cap outperformance vs. Large Cap since early February seems deserved, but we suspect that it will be short-lived.