The macro environment continues to be defined by uncertainty and the recent breakdown in momentum stocks points to increased odds of a recession. The S&P 500 stocks hitting 52-week highs has plunged by nearly two-thirds since mid-June, from 293 to 85. This indicates a disturbing drop in market breadth after S&P 500 reached new record highs in the summer. It is clear that the stock market breadth is declining along with investor confidence as the latest weekly investment sentiment survey from the American Association of Individual Investors (AAII) shows increased pessimism. The market’s sluggishness is attributed to investors perception that interest rate cuts by the Federal Reserve are losing their potency. The stock market has grown dependent on low interest rates with the Fed and other central banks running out of bullets and now the global Investment community is finally coming to grips with the realization that 2019 maybe the beginning of the end of a 10 year bull market..