I forgot to mention…
An exceptionally useful tool is the Dynamic Yield Curve chart from Stockcharts.com.
The left-hand chart is the Treasury yield curve. The right-hand chart is the S&P500. Look carefully at the right vertical axis of the SPX chart and you will see a red vertical line. “Grab” this red line with your mouse. Slide it to the left to indicate different levels of the SPX.
When you do this, the yield curve on the left will show the yield conditions at that same time. I have spent many hours scrutinizing these charts since the yield curve responds to recessions and recoveries which also affect the SPX.
Wendy