SPY
Looking at the daily chart of SPY with 10Y Yield overlay, Bonds appear to be a leading indicator for the market. We know this because of the flows of money in and out of equities and bonds. Prior to the decline in Feb the bond market was showing a Bearish Trend. After a dislocation in mid to late march do to liquidity issues, and the Feds actions, the 10Y yield is still low while equities rally.