— Austin Harrison, CFA, CMT (@meanstoatrend) May 19, 2023
Today’s Chart of the Day was shared by Austin Harrison (@meanstoatrend). The S&P 500 broke out to nine-month highs on an absolute basis this week. Austin points out that it’s also breaking out relative to Bonds ($SPY/$TLT). This ratio closed at all-time highs after emerging from a seven-month base within a secular uptrend. If Stocks are in a bull market, you want to see them outperforming their alternative, and that’s exactly what we’re starting to see.