Will Sharply-Rising Bond Yields Slow 5-Year Stock Bull Market?

From a big-picture perspective, let's notice that the e-SPZ (e-mini S&P 500) continues to be on the defensive after yesterday's new high and this morning's surprisingly-strong Jobs Report, while 10-year Yield has surged, mostly in reaction to the implication of the Jobs data.

My work argues that 10-year Yield has started a new upleg that should hurdle key near-term resistance at 2.76%, on the way to a test of the Sept high at 3.01% in route to 3.50%.

Whether or not the equity markets embrace the positive data, or otherwise fear the back-up in rates will be interesting to watch.