I do not think that is a sign of economy tanking Super. I've seen you say it yourself (correctly) that the one thing markets do not like is "uncertainty." I have been surprised that the markets have held up so well with so much uncertainty, and the S&P trading over 20 times earnings, or P/E. This is a good bit higher than historical average.
Roughly 75% of companies reporting Q1 earning so far, have beaten estimates. Companies HATE missing estimates, due to market perceptions. So, many companies most likely will reduce estimates, even with strong Q1 earnings, due to this uncertainty.
The economy does not appear to be tanking, yet. Q1 earnings are in line with projected 12% EPS growth. However, with more companies being cautious and lowering full year guidance, the market is responding.
The next HUGE data point is the next monthly inflation report. We've already had one monthly bump up to 3% year over year. If next month's report goes even higher, prepare for a much needed 10-15% correction. If it goes back down, the market euphoria may pick right back up.