Is it the end of a 40-year equities market rally?
This chart illustrates the ratio between equities markets by using 
SPX and fixed-income markets by using 
US10Y.
With the beginning of 2020, the equities markets lost the uptrend against the fixed-income markets. There can be period(s) of upward corrections but this trend change raises the question of a long term cyclical change. This means that the markets have entered into fixed-income positive return phase.
This may also be the end of a 40-year cycle.
SPX and fixed-income markets by using US10Y.With the beginning of 2020, the equities markets lost the uptrend against the fixed-income markets. There can be period(s) of upward corrections but this trend change raises the question of a long term cyclical change. This means that the markets have entered into fixed-income positive return phase.
This may also be the end of a 40-year cycle.
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