Share mkt at risk of correction

This chart shows the ISM compared with the year-on-year percentage change in the S&P500 index.  The mkt is much too high, if this indicator is correct.  And remember, the ISM is artificially higher than it should be. 

The market is no longer oversold, so after the FOMO (fear of missing out) rally, it is again vulnerable.  It's also now expensive, basically because the consensus is that economic growth will return. This is true in China and other Asian countries.  It's not true in the USA or most emerging markets because inept handling of the coronavirus pandemic means their infections haven't peaked yet.   So the E part of the PE ratio is prob'ly being too optimistically estimated.