S&P500 & Nasdaq inverse correlated to 2/10yr curve

This is US10Y-US02Y (inverted) in blue, S&P500 in orange & Nasdaq in light blue.

The 2's/10's spread has steepened meaningfully 3 times this year & each time has coincided with a sell off in the S&P500 & Nasdaq. It's just steepened again & the S&P500 is holding it's 4hr 50ema for now having made a lower high. Let's see what happens.