back in 2008 during the recession we saw unemplyment keep increasing for 19 months straight until it peaked in october 2009 at 10%. unemplyment right now stands at 3.6% at the beggining of the year was 4% we have more people working right now that at the beggining of the year and yet people are screaming recession is coming, retail sales fell for the first time in 5 months, and morons screaming recession . we need to see those number consistanly month over month to start talking serious recession. the only think bugging the market is inflation right now at 8.6% up from 8.3% previous month. with this aggresive rate hikes we should see inflation peaked and start to go down, july report is very important any signs of inflation out of controll will have a huge impact on the market but on the other hand if it decreases it would mean it has peaked and rate hikes would not be so aggresive giving a market relief rally. this is not a trading advise