Updated
ISM Manufacturing index contraction
Drop below 50 = economic contraction. What's concerning is market has been making all-time highs while ISM has been going down. I interpret that as a fundamental problem and as a friend once told me, "Fundamentals are king...eventually".
Note
this chart has an overlay of the s&p (circles). Messy chart but vertical white lines are when we crossed below. 2015-16 was a weird situation where we recessed and then soared back up. I don't think we'll see that again. Just like 1998, it recessed and then went back up before the tech bubble crash. I am of the opinion that we correct this time Note
ISM pmi came in more bullish than expected today but a similar bounce happened in june 2008 before the nasty drop. I'm leaning more toward this type of event than another recovery 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.