20-Yr History of Yield Curve Change vs. S&P 500 Change

$YC2YR is the yield spread between 10-year US Treasuries and the 2-yr. $SPX is the S&P 500.

Both are shown as percentage change over 20 years in Figure 1.  In Figure 2, the inverse relationship between the yield curve spread and the direction of the S&P 500 is marked with indicative trend lines.  In Figure 3,  the yield spread value (right scale) and the S&P 500 price level (left scale) are superimposed.

Figure 1:

Figure 2:

Figure 3:

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