When i posted this ratio back in early Oct 2014, i noticed a little symmetrical triangle was forming. And price broke out of the triangle about midway and got pushed down. I recognized that was a inverted hammer telling me how the buyers of TLT is able to push the ratio. Hence, two months later we had a bullish break out!
Sadly to say that, as far as long term is concerned this ratio is still in a long term downtrend. Meaning that if this downtrend continues, SPX will still go higher.
Hence the immediate resistance is the ratio of 0.68 which is the previous inverted hammer intramonth high which again coincide with a resistance level.
From the other perspective, if the ratio is about to break even 0.71 (my fanciful dream), we could see SPX and counterparts making a lower low that is lower than the Oct 2014 low