The 10 year Treasure Bill Note rate has again breached 4.00% to...

The 10 year Treasure Bill Note rate has again breached 4.00% to the downside, closing in New York at 3.97%. The yield is now at a 40 year low. Traditionally, the yield from the share market, and the 10 year note yield run in tandem.
YES

This would indicate that Wall St. is due for a correction
NO


For the sharemarket yield to fall stock prices have to rise. Your observations contradict your conclusion. For simplicity assume stocks have a div yield of 10% and government bonds also yield 10%. The interest rate suddenly falls to 5%. People madly invest in stocks pushing UP the price until the market has doubled, reducing the yield to 5%.

ie
Higher interest rates ---> Lower stocks
Lower interest rates ---> Higher stocks