The Milk Road Macro Index just hit a 5-month low at -0.6. Last time it did this, the S&P 500 dropped 9%. It hasn't printed this weak since April. Last time we were here, MRMI ran to about -2.5 and sat there for weeks. The S&P 500 dropped 9% through that window. We're back in the red now. The index just punched through -0.5. That's the line where this thing flips to risk-off. The main drivers pulling this index down are growth impulses and market breadth, both of which have deteriorated significantly over the last few days. So is this the time to cut risk? At minimum, it’s worth paying close attention: yields are exploding, consumer spending is trending down, oil is approaching $100, odds of rate hikes are at 50%, and the S&P 500 is less than 2% from ATH. I’m trimming a few positions to reduce risk and build up cash. But I'm not treating this like the March washout until I see follow-through. I'm watching the next few MRMI prints and reading comments from our macro expert @BitcoinJesusETH. If you are worried as well and not sure how to navigate through these times, join MR PRO to see how 5 analysts are reacting to this turbulence: