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The spread between New Orders and Prices is the so-called NOPE Index, and as Leuthold Group notes, a drop below -40 has historically signaled notable trouble ahead for stocks, bonds, and the economy.
The best part of this is the phonetic perfection with Slope of Hope. Very interesting, Tim. Where there's an Index, there's a perspective... yet another one to lend support for a bearish disposition in these market conditions. And the hits just keep on comin'!