In Washington, the Labor Department will release weekly new jobless claims, which is an important indicator of where the economy is headed.

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But now, Hussman notes in his latest market commentary that the ECRI Weekly Leading Index, which has been a leading indicator for the ISM index, has declined to -6.9%, a bad sign.

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Though not featured in this article, the recent highs in the major averages were also confirmed by the weekly on-balance volume (OBV), which is also quite a reliable indicator.

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