US 10 year yields are rising and so are global yields. That is something to watch out for.
I do not think we are at levels that are critical enough to trigger any sell off in the equity space. There was a rush into Bonds as Central Banks cut rates and we had the spectre of slowing growth due to an escalating trade war. Now that tensions are somewhat defused on the trade front, this rise in yield may well be unwinding of the past flows.
From observations and inferences on my own trades, my gains from shorts have outstripped those from longs even though we see the S&P500 making new highs. These are momentum setups that would benefit most from the index trading in the same direction. Most of the longs were triggered but failed to reach profit targets and most were eventually stopped out at break even point... so is the rally running out of steam? While SP 500 edged higher overnight, the number of decliners have exceeded the gainers by 16%. My shorts, though fewer managed to hit or exceed their profit targets...… maybe, fear is a stronger emotion than greed in driving volatility but another way of looking at things may be that the rally is running out of steam? I view things as over extended for now and in a way, it is coloring my bias towards short trades.