First up is the Weekly S&P 500 and NYSE volume. Note the volume spike in August that sent the market down has no been matched with a upward spike or anything close to an upward spike.
Next up is ISM New Orders minus Inventories (ISM NO-INV) versus the S&P 500. We have seen a move up in the ISM NO-INV along with the recent move up in stocks. Big spreads like we have seen recently in this chart are usually closed with a drop in stocks with a rise in ISM NO-INV. My fear is the recent run up in stocks had more to do with a rising Euro than market fundamentals. We shall see.
Next up is the ECRI WLI growth rate versus Annualized GDP growth by quarter. Real hard to see this chart changing upward. Keep in mind ECRI has been very accurate in predicting the last few recessions.
Last is the ECRI WLI growth rate versus the S&P 500. Again, where will we go from here. With a China hard landing possible, Europe burning and the US muddling through its tough not to see this chart moving lower.
