With all due respect, could you please share the method you followed while forecasting April PMI Manufacturing number? Also it would be highly appreciated if you could share a link for historical ISM numbers going back to 1948. The data was freely accessible on ISM website earlier, but not anymore.
@bhaveshsharma, The ISM Manufacturing index is called a lagging indicator due to the fact that the previous month's figures are presented at the beginning of the next month. That is, how the industry for the over 300 largest companies in the US has gone during the month of April is presented in the beginning of the month of May, and so on. Easiest if you open the graph via Tradingview by typing in ticker MAN_PMI or if you want to see the graph elsewhere, you can see it on tradingeconomics.com. The link is as follows: https://tradingeconomics.com/united-states/business-confidence
@bhaveshsharma, About the "forecasting", which in my case was more of an expectation based on my own programmed indicator for ISM_PMI. If you look at the biggest drops in production among these companies, I choosed to look at values around the yellow line. Now it only reached the green line where the majority of the bottom usually turns from. Hope you got an answer to your question.
@some_dude, It doesn't. This is not a technical analysis over ISM Manufacturing Index, but an expectation of the results for April. I thought it was pretty obvious, but obviously not. One more thing, not 400 but more than 300 manufacturing firms. If you have something interesting to come up with, say so, otherwise you do not have to bother me with your ignorance.