Chicago Fed National Activity Index (CFNAI)

The Chicago Fed National Activity Index (CFNAI) is a monthly index designed to gauge overall economic activity and related inflationary pressure. The CFNAI tends to register numerous negative divergences, a trend of lower CFNAI highs relative to S&P 500 highs, before equities record their intermediate cycle peaks.

Chicago Fed National Activity Index (CNFAI) and S&P 500 Average:


Source: chicagofed.org