Indicators suggest the market likely hasn’t hit bottom yet

Recent market and economic indicators suggest the downturn may not be over yet, even if conditions are not pointing to a severe collapse.

Our preferred cyclical measures are still moving in the wrong direction, which signals a softer business backdrop rather than outright distress.

At the same time, our short-lived global expansion signal has shifted toward slowdown, reinforcing a more cautious near-term outlook.

Taken together, these trends imply that markets may need more time before establishing a durable bottom.