Treasury bonds came down significantly from their high back in December. It's the vote of confidence to stock market, but we are far from normal levels. TLT (iShares Barclays 20+ Year Treasury Bond ETF's) dropped over 62% since December. In the past 4 days TLT staid above the support line, "S1" ,but it failed to move above 61.8% Fibonacci retracement. If it moves above the 61.8% Fibonacci retracement there is good chance that it goes higher, that could interpret as red flag and possible drop in equity market in near future.
On the other hand if it breaks the "S2" support line, the equity rally could continue .
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