US10Y yield pattern relative to the SPY
A similar pattern to 2020 is happening, but it appears elongated. I used colored arrows to divide this chart into segments. The blue arrows represent the yields falling to a base. The yellow arrows are the rates rising phase. The red arrows are the yields dropping in a unique curved pattern. It seems to break that curved pattern and start an upward channel. Last year the very day it fell out of that upward channel, the SPY started to fall.
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