Above is the 10-year chart for the S&P 500 daily close value and the 4-factor coincident index monthly value (the chart is clickable). The time spans from March 2013 to March 2023 for the S&P graph and from March 2013 to November 2022 for the 4-factor coincident index. The S&P 500 data comes from Nasdaq, and the 4-factor coincident index data comes from FRED Economic Data.
The S&P 500 index tracks the prices of stocks for the 500 US-listed companies with the highest market capitalization, while the 4-factor coincident index includes four indicators: nonfarm payroll employment, the unemployment rate, average hours worked in manufacturing and wages and salaries. A drop in the value of the 4-factor coincident index marks a recessionary period.