One of These Markets is Lying

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Miners (below, in black) and the S&P (in blue) used to move largely in lockstep.

Over the past few months, miners have been in an unrelenting free-fall, whereas stocks have been on a helium-based ride to nosebleed levels.

I wonder which one of these markets is wrong? How will this divergence resolve itself? Actually, I don't wonder. But I present the chart to you nonetheless.