Hm, an interesting dilemma using this method. Why? If you look at SPX cash index or ES current contract futures, they are above the YR1, massively bullish and set to go higher. But if you look at SPY or ES1 continuous contract, the high is bang on YR1 and looks like drop is more likely next move. We'll see what happens!
SPY, SPX, ES1, ESU all below.