Here’s a fascinating synthetic indicator you can construct in ProphetCharts with the ratio symbol shown in the graph. By dividing the Fidelity Capital & Income Fund by the Long-Term Treasury Fund, you can get a sense as to the relative values (and willingness of the investing public to take risk) over a long period (in the graph shown below, over a decade) and see major inflection points in the market.
I think it’s healthy to keep the big picture like this in mind, days like 9/1 notwithstanding.
