The firm says investors should be closely monitoring bond yields and the US dollar for signs of when equities could turn.

Worries around overheating stocks took over the narrative on Tuesday, underscoring the sense of froth in risky parts of the market that had surged after President-elect Donald Trump’s decisive election victory.

Trades associated with the former president’s big win this past week—from Trump Media to oil stocks to betting against Treasuries—saw some big short-term gains. But longer-term success is a lot more difficult.