First, Money supply growth has been steady, which is unusual for this time of year.
Second, The yield curve is crashing.
If this does not change the yield curve will go negative sometime in 2018.
Third, the Federal Reserve has made empty threats (so far) to reduce their balance sheet. They have not started in any major way.
There is no reason to panic at this point. However, if these trends continue it could spell doom sometime in the next 18 months. When I believe a recession is coming I will sound the alarms. Right now we are holding our positions.