• The S&P is testing its trend-line from October of last year, but it’s also oversold on a short-term basis.  Thus, it could see a very-short-term bounce to work-off this oversold condition.
  • However, it’s not even remotely oversold on an intermediate-term basis…and the divergence between the bond & stock market is still a VERY large one.  Thus, any mild decline in bond yields is not going to help the stock market for very long.
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