The 3 Factors
Detailed analysis on the current Macro, Fundamental, and Technicals landscapes below...
Macro
Many Macro indicators have been showing signs of deterioration, which should be seen as a concern for investors. Last week, the ISM Manufacturing Index printed a 46.3 reading for March, its lowest reading since May 2020.
In the past 70 years, whenever manufacturing ISM dropped below 45, recessions occurred on 11 out of 12 occasions (exception was 1967). Also note that non-manufacturing ISM came in at 51.2, its 4th weakest reading since the 2008 GFC.