Indicators Suggest The Market Likely Hasn't Hit Bottom Yet

Preferred cyclical indicators are trending in the wrong direction, signaling a tactical shift toward a slowdown rather than a recession. The authors note the picture has softened but do not see evidence of a disaster, implying a cautious, risk-off stance for near-term positioning.

Analysis

Preferred cyclical indicators are trending in the wrong direction, signaling a tactical shift toward a slowdown rather than a recession. The authors note the picture has softened but do not see evidence of a disaster, implying a cautious, risk-off stance for near-term positioning.