Today was yet another victorious one for the bulls (there have been 52 lifetime highs on the S&P 500 this year; and I’m not being facetious; that’s the actual number). But before we get too carried away, allow me to share once again this ratio chart of the S&P and the 10-year rates. Take note of the resistance line and that reversal top.
Stepping back to the multi-decade view, you can see where that pattern is relative to the channel as a whole. I think calling this price level tenuous would be the most generous way to put it.