Regular readers will be familiar with the "Economic Noise Index", which combines the signal from the economic policy uncertainty index and the economic surprise index to display positive vs negative economic noise. Both signals are standardized using a z-score. Anyway, reason I highlight it is the indicator has rolled over and stayed soft vs the market which is heading higher.

All else equal (and this is not a perfect indicator by any means) it points to downside risk.

There are a few notable material price corrections through the period shown on the chart where the economic noise index rolled over and the market followed suit shortly thereafter. So while this is just one piece of the puzzle, it's worth keeping in mind.