"That's why I advise basing one's decisions on current chart trends and their technical indicators more than anything else, " he says, and he points out that other signs trouble him about the market's health, including the economic outlook.
The green background on the chart above signifies the bullish stance of our proprietary indicators and the red background signifies the bearish stance of our proprietary indicators.
The Leading Indicators from the Conference Board declined 0.3% in June, but the long-term chart from their press release shows that both the Leading and Coincident Economic Indexes are still rising, and show no signs of a recession.