Stocks over Treasuries has a long way to go if pullback continue

Weekly candlesticks of SPY over TLT - i.e. SPDR S&P 500 stocks over iShares Long Term Treasury is pulling back and since new high in Jan 2021 has a long way to go (around 20%) to support.

It does not necessarily mean that stocks will drop.
But it could be that treasuries over perform (and stocks go sideways or even up but treasury prices are just stronger).

This may be a little counter to the "inflation" narrative.
Although may be because
1. market is buying into "transitory inflation" and remember that it prices the future and not the present
2. inflation has just become a crowded trade
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