Ratio chart of SPY to AGG (iShares Core U.S. Aggregate Bond ETF--the most widely held bond ETF)...i.e. SPY/AGG).
Shows bearish forming saucer (or rounding top) in SPY against AGG...i.e. that risk-on (SPY) looks to be putting in top against risk-off (AGG). Also has bearish RSI divergence.