As shown on the 20-Year Daily ratio chart below, bulls have pushed the price back up to close out this week at major resistance around the 120.00 level. Failure to hold 120.00 could very well see price re-test the 60.00 level, or lower...watch for panic selling of equities should the 60.00 level be breached and held.
The REAL test for sustained market bullishness will be whether price can reclaim and hold the 150.00 level, which was a milestone level this ratio reached before succumbing to pressures of the 2007/08 financial crisis.
