The SPY/TNX ratio is diverging for the last two years now, and If I read correctly this chart, it's not stocks healthy for sure. Of course can be diverging for ages or even centuries in this economic recovery miracle we all live in, until already built in energy pressure finds a way out.
During 2008 foretold the coming disaster. At the 2009 bottom gave an early, successful, long entry, while mid 2011 the divergence led to a correction.
What about now? I guess patience it's the only way to find out sooner or later...