Bonds are indicating the trend is still down and Equities have more room ahead. See the chart of Bonds vs Stocks:
This ratio has made a new low. Clearly money is flowing into Equities and Bonds are heading down.
The above chart shows the Bond ETF TLT. After the spike in March it made a high and is now clearly heading downwards. MACD has given a downward cross as well on the monthly charts.
Finally the relative chart of Junk vs Treasuries shows a clear trend up. Risk is on and money is flowing into Junk Bonds vs Treasuries.
All these point in favour of a continued rally in Equities. 2021 might be a big year for Equities.