Slow growth implies more downward pressure on interest rates and less upward pressure on prices. Conversely, the bond market's worst enemies are high growth and inflation. High growth implies more upward pressure on interest rates and inflation. For clues to a turn in the stock market, it might be prudent to wait for a bottom or bullish reversal in the bond market. Bonds and rates have an inverse relationship.
Bonds fall when rates rise and bonds rise when rates decline.
The long-term trend for rates is down. The Sep-98 decline in rates was also quite sharp. This pattern is visible on the daily chart and the support break indicates lower rates in the future. The indicator has been below zero since Jun-00 and still favors the bears. A weekly bullish engulfing formed in Jan-01 and this could mark a support level for rates.