It is very important to track the ratio of Bonds vs Stocks to see how each asset is performing relative to the other.
See the chart – Bonds vs stocks have made a new low. This is a bullish sign for equities. This is not a sign of fear.
See the chart of TLT below. Price has gone below all the moving averages. This is definitely bearish for bond prices.
We should keep tracking these charts. Any adverse movement in these will be a warning that the rally in Equities has reached an intermediate top.