"It's time to start look for a top in the S&P500," are the cautious words that BofAML's Macneil Curry begins his latest note, adding that this corrections will pressure 10Y yields to new cycle lows.
Start looking for an S&P500 top.
Its time to start look for a top in the S&P500. Into 1952/56, worst case 1958/68 we look for a top and resumption of the larger downtrend towards 1887/1865 (14m channel and 200d avg).
10yr yields at risk of resuming their larger downtrend.
This should put significant pressure on US 10yr Treasury yields to resume their larger bull trend for 2.33%/2.29% (retracement and 6m channel support).
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A break of 1928 in the S&P500 says the downtrend has resumed, while Treasury bulls need a close 2.4109%/2.406% to say that the correction is over.