Current market weakness and rising bond yields signal a multi-year topping process for equities

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The current market weakness, combined with rising global bond yields, indicates that equities are undergoing a multi-year topping process that began in 2021 with the peak in meme and speculative stocks. This process is not a singular event but unfolds over several years, with different sectors like FANG and semiconductor stocks potentially continuing to rise even as other segments have already peaked.