I added the last two areas to highlight the cycles available to adjust a portfolio to the waves in demand for growth or stagnation, or deflation.
The market votes with price action and we have to interpret the price action to determine what the market participants are saying. You can see there is a very clear pattern.
What this doesn't show, of course, is how much of either asset to hold in an "ideal" portfolio. Only that you can see capital flowing from one market into the other over time.
The sharp breakdown in the bond market (10%) is a meaningful sign and most likely will be the headline story for the next few weeks.
My suggestion is to use momentum indicators to see when this decline in bonds stabilizes in order to consider adding positions back that were sold after momentum turned down in the past 5 weeks. Use a 5-week as the and wait for it to come back to "0" to buy any bonds.