Is it the end of a 40-year equities market rally?

This chart illustrates the ratio between equities markets by using SPX and fixed-income markets by using US10Y.

With the beginning of 2020, the equities markets lost the uptrend against the fixed-income markets. There can be period(s) of upward corrections but this trend change raises the question of a long term cyclical change. This means that the markets have entered into fixed-income positive return phase.

This may also be the end of a 40-year cycle.