Q3 to Q4 2018 S&P Operating Earnings have dropped ~15.46% and Q4 to Q1 may also be negative. This is the biggest sequential drop since 2007-2008 and 2000-2001. However, the yield curve as defined by the 2/10 spread - has not yet inverted. What's next?
In the last 11 years, in each instance where the Healthcare “Bullish Percent” has dropped below 15%, when it rebounded back above 69%, it always dropped back again to at least 50% before resuming higher.