Now, based on the yields comparison, the $SPX is still overvalued and should clearly move below the $3700 overvaluation level.
Furthermore, with the drop of the largest caps in the past few days and also overnight, the $NDX could pull the whole market down.
Growth sectors such as IPO/ARKK and tech in general have struggled to even bounce from their lows. This is negative for growth stocks.
Conclusions:
There is still basically no upside for equities here.
Maybe a relief rally next week after the Fed announces that it will slow down its rates hikes?
