Chart of the Day - Friday, September 20th, 2019

Today's Chart of the Day was shared on Twitter by Mark Ungewitter (@mark_ungewitter). It's a chart of the S&P 500 going back to 2010. On the bottom pane of the chart is a 20-day rate of change indicator for $SPY/$TLT. The vertical red lines on the chart mark the instances where the S&P 500 rallied 10% or more, relative to Treasury Bonds. Mark notes that sharp rotations out of Bonds and into Stocks, like the one we've seen in the past couple of weeks, have typically been bullish for the S&P 500. Mark poses the question will it be different this time? As Sir John Templeton once said; "The four most dangerous words in investing are, it's different this time."