SPY vs. TLT Relationship has Shifted...

After Friday's much weaker than expected Jobs Report, let's notice that the iShares 20+ Year Treasury Bond (TLT) (lower chart) is lower, while the SPDR S&P 500 (SPY) continues to levitate up against its Oct 2011 upper-channel-resistance line- a formidable resistance zone to be sure.

Inability of the TLT climb to and above its Aug high at 119.43, followed by a bout of weakness that has sliced beneath its July-Aug up trendline despite relatively-weak economic data and amidst supposedly forthcoming wind-down of QE, should be of growing concern to bond (TLT) bulls.

My near-term work in TLT points to a test of support in the 113.30/00 target zone.