The SPX is up and currently at 4,379. There is a short term double top at 4,386 from late February and early March which may act as resistance. Yesterday's move was strong and led by tech, communications and discretionary. As the market moves up today those sectors are lagging and energy, materials, real estate and utilities are leading. It's only one day but it's never a good sign when money rotates out of tech and into utilities.
The 10-year T-bond peaked yesterday at 2.25% and has fallen to 2.17% today. With inflation in the 7% range this makes no sense unless bond holders think this will be over soon. The yield curve peaked at 30bp yesterday and settled today at 24bp today.
