Recession Drumbeat Getting Louder

The S&P 500 has been holding up quite well as the the nattering nabobs of negativism beat their drums more loudly. Today's batch of economic indicators gave the bears plenty to growl about. Consider the following:

(1) LEI. The Index of Leading Economic Indicators (LEI) peaked at a record high during February 2022 (chart). It's been falling since then. It was down during March of this year by 1.2% to the lowest level since November 2020. A recession should be imminent according to the LEI. Then again, the Index of Coincident Economic Indicators rose to yet another record high in March!