Slow reversal underway or is it the lunchtime retracement?

The S&P 500 has slipped into negative territory after touching the highest levels since November. Treasury yields have also flattened out after an earlier rise.

In FX, the clearest signs are in USD/JPY. It sagged back down to 109.07 from 109.45 in early US trading.

I'm always suspicious of a turnaround that begins at the New York lunch hour. That's rarely a time when a broad reversal hits.