Markets.

The world economy is deflating, and the S&P is rallying, these two things don't go well together. When the economy deflates the stock market dives.
 
Investors hope the US and China will agree on a trade deal. Any rally caused by government stimulus and trade deals will fade away and the stock market will decline to new lows. The difficult bit is knowing when the decline will resume. Government interventions can support the market for longer than we can expect.  
 
Inflation is falling which is in line with the start of deflation, I expect goods, services and asset prices to fall in the months ahead. Right now some people are talking about a possible recession in the US. It will take a long time, months before the recession starts and then some time before the depression starts.
 
At the end of the depression a new crisis will emerge, the dollar will collapse. The economic crisis will have taken its toll on the dollar, this will probably cause a run on the dollar and this will trigger a collapse in bond prices. The result will be inflation. The dollar will lose purchasing power, the stock market will be considerably lower and it could take a long time, a decade or more before the stock market reaches the bottom.
 
This will not happen in a straight line, governments will intervene along the way and in the process they'll create some huge rallies like the one we are having now.