The SPY/IPO ratio is set to continue upwards momentum, meaning that IPO and growth stocks will be relatively weaker than S&P companies (general market). The downhill for growth stocks seems to have started when Treasury Bond yields started to look for a rebound. Although nothing is certain on the market, a little cautious approach towards growth stocks would not hurt in mid-term perhaps.
*IPO - IPO ETF from Renaissance **SPY - S&P 500 ETG ***TLT - iShares 20+ Year Treasury Bond ETF