SPDR S&P 500 ETF TRUST

SPY vs TLT : Massive Divergence

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The S&P500 is diverging from the TLT ETF.

We have seen this happen many times over the course of 2021, 2022, 2023.

Each time this happened, stocks ended up playing catch up to the downside.

As yields and bonds typically react first to the incoming macro data, stocks seem to always get the memo last.

Is this time different? Can stocks rally as bonds fall?

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