The divergence between stocks and bonds is the key. Stocks can't hold at present level if interest rates, as measured by the 10 years treasury, continue their path to higher grounds. On a short term basis my target is 2.49, which would completely erase the preceding 5th. A bad CPI
number (out tomorrow before opening) could certainly do the trick.
More on the TNX
long term view later.
Stay tuned and happy trading.