When I look at this chart it appears that U.S. treasuries are not always inversely correlated to the stock market. When the market crashed in 2008 and 2009, people did sell stocks and bought up treasuries. But in the bull market since the 2009 low, stocks and treasuries rallied have together from 2011 until last year July, when an inverse relationship returned. It appears by looking at this chart that there is some other force driving the top of the U.S. treasury market and stock market rally. The money going into stocks since 2009 certainly did not come from people selling bonds, although that could be the fuel that drives the market even higher from here on.

SPX outlined in black.