
Market Regime – Breadth Deteriorates, Short and Long Yields Surge – Spreads Widen
The weight of the evidence is bullish for stocks, but breadth deteriorated in March, Treasury yields are rising and risk aversion is increasing. 45% of S&P 500 stocks and just 39% of Nasdaq 100 stocks are in long-term uptrends (above their 200-day SMAs). This means