But the S&P 500 closed up today!
from Zero Hedge:
Three weeks ago we noted
that Goldman Sach's Global Leading Indicator (GLI) and its Swirlogram
had entered a rather worrying contraction phase. Today's update to the
June GLI data suggests things got worse and not better as momentum is
now also dropping as well as the absolute level.
This continued deterioration in momentum suggests further softening
in the global cyclical picture. Of particular concern is the broad-based deterioration in the GLI’s constituent components in June.
Nine of ten components weakened last month, only the
second time this has occurred since the depths of the recession in
2008Q4. The June Final GLI confirms the pronounced weakening in global
activity in recent months. Goldman has found elsewhere (as we noted here) that this
stage of the cycle, when momentum is negative and decelerating, is
typically accompanied by deteriorating data and market weakness.