I am not sure I agree that we lack major economic indicators flashing red.

For instance, GDPNow from the Atlanta Fed looks quite bad at the moment: https://www.atlantafed.org/cqer/research/gdpnow

I also have been looking at deliquency rates on industrial equipment leases lately, and they seem to be trending sharply upward: https://www.fitchratings.com/structured-finance/abs/equipmen...

Major retailers are also managing expectations for the next quarters. It seems like they're bracing for soft aggregate demand.