This chart overlays the S&P 500 and the Yield on the 5-year note over the past 25-years.

When Yields hit falling resistance in 2000 & 2007, they fell hard and stocks did too (50% S&P 500 declines)!

Yields hit 20-year falling resistance a couple of months ago at (1) and they are turning lower and stocks are following along.

The current pattern in stocks and yields looks to be repeating the 2000 & 2007 patterns.

Will the results be different this time???

 

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