I believe that the U.S. stock market is going into a period that will be a very interesting one to track. Recent economic data clearly points to at the very least, a slowdown in the United States economy. Many economists and market strategists expect the FOMC to end up cutting interest rates at least one more time in the next few meetings. Generally, stocks love the idea of a Federal Reserve interest rate cut, however if it means the Fed is trying to play catchup because the economy has already gone in the tank it will be of little help to the stock market at that moment. 
There is likely to be a real push and pull on the major equity indices from both camps in coming months. One side will be out there telling investors that a recession is coming and that you should either be defensive with your investments, or go largely into cash. The other side will be out in full force telling investors to buy stocks before the Fed cuts rates more and benefit from those rate cuts.
Obviously time will tell if the economy is merely going into a so called "Goldilocks" phase or if it is going into a recession, but there is likely to be a major argument over this subject over the next few months.
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