The lack of confirmation for new record highs in $SPX is a major divergence that can't be ignored. Historically, this has preceded corrective volatility in markets—seen in 2007, 2018, 2020, and 2022.
The US labor market is getting weaker: Job openings declined to 8.06 million in April from a downwardly revised 8.36 million in March, the lowest level since 2021.
In the past 2 months, job vacancies plummeted by a whopping 754,000.
Since the March 2022 peak, they job vacancies have dropped by ~4 million.
Meanwhile, construction job openings saw the largest 2-month decrease on record of 118,000.
