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<p>The S&amp;P 500 traded lower this week as multiple Federal Reserve officials made it clear there would be no pausing in their rate hike cycle as many on Wall Street have come to expect.</p>
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<p>On the economic front, the Conference Board’s Leading Economic Index (LEI) fell by -0.8% in this morning’s report, the largest monthly drop since the pandemic-induced lockdowns. This drop further confirms that a U.S. recession cannot be avoided (or we’re already in one) -- a topic we explore in greater detail in this month’s issue of <em>InvesTech Research </em>available later today on our website.&nbsp; Housing continues to plunge deeper into recession territory as well. NAHB Builder Confidence fell the 11<sup>th</sup> straight month while Existing Home Sales had its 9<sup>th</sup> consecutive monthly decline, both of which are record losing streaks!</p>
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<p>There was little change in the technical environment this week. Within our Negative Leadership Composite, the bearish Distribution component remains firmly locked in at -100. Likewise, there has still been no sign of a bullish Selling Vacuum from our NLC, which confirms the latest market rally is on weak footing.</p>
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