The 30 minus the 5 is how Stockcharts.com would calculate the 30-5 yield spread. 30 divided by 5 is how I have done it to be more conservative.  I am using 30’s and 5’s because I cannot get a spread chart of the 10’s and 2’s during market hours.

Both calculations are looking as if they are in bottoming patterns. But of course we are kept in suspense at the noted necklines. Doesn’t it seem like indicators taunt you sometimes? I recall watching the now very bearish Palladium-Gold ratio taunt me for months before finally registering its signal.

Why is this significant?  Well, aside from gold desiring rising curves the S&P 500 generally does not want a rising 30-5 or other spreads, at least in the first phase of a rise. Here’s the NFTRH chart…