The monetary indicator AMS (see this article on the Austrian method for quantifying money) shows a fall in yearly growth from 6.5% in August in 4.5% in Sept, which is a continuation of a falling trend from earlier this year.
The yearly rate of growth of money AMS adjusted for CPI inflation (real AMS) fell to 1.9% from 3.8% in August.
Our measure of liquidity, money AMS adjusted for nominal economic activity, fell by 3.4% after declining by 1.4% in August. The rise in liquidity between January and March (segment B-C) is having a positive effect on the stock market. However, a sharp fall in the growth momentum of liquidity between April and September (segment C-D) poses a serious threat to the stock market in the months ahead.