On the other hand, the 10Ys continue to weaken, which is equities positive and hence, the Yield Valuation analysis tells us that the markets have room to push to $4100.
Both the cumulative Tick and the NHNL indicator tell us that lower rates are beneficial to small caps.
Lower rates are pushing the US$ down and helping Gold/Copper, but also defensive sectors such as XLU/XLRE.
For growth stocks, the story doesn't seem to be as bullish: the NQ8 has just issued a buy signal, but most sectors show that money is following prices higher almost reluctantly. I believe that investors are waiting for earnings to come out before committing more money to risk assets.
Conclusions:
Even though yesterday's action on the S&P500 was not that positive, since the 10Y rates continue to weaken, the markets will probably more higher, especially the small caps and defensive sectors.