Are we seeing a similar breakdown of various “leading” market based indicators as last summer, before the equity market crash in Q4?

via @MikaelSarwe:

Philly Fed surprised positively and ISM will probably bounce somewhat. But my leading vs lagging indicator from Philly Fed still points to a continued downward trend in ISM thereafter.

The divergence between negative macro surprises & equities has never been larger. An earnings recession is highly likely and should dent markets belief that central banks are gods