It can be worthwhile to keep up with the bond market, even if just trading stocks. Sometimes buying safe havens is easier than shorting. Also, if bonds (meaning TLT here not yield) stop dropping then you can start thinking about a turn in stocks.
For example, last year on the tech highs near 7/20/2015 TLT had broken its YP and was mostly below it for about 7 weeks from early June. That said it had tried to come back a few times, and on 7/22 there was a clear lift from support. After that TLT held its YP for the rest of the year. Rallies did not get far but that told you something about stocks for the second half.
This year TLT jumped above 3 pivots as SPY and others broke YPs on 1/6; for this method, this was a very important day and going with this change was the absolute right thing to do.
For a full analysis of bonds you could check TLT, ZB, ZN, TYX, TNX, then HYG, and then maybe even check a more typical chart view using Bollinger bands and moving averages, but for today lets look at TLT on pivots.
Sum from below: TLT had perfect long and medium term buy signal from early January, and adds after that above the YP. Pivots also gave a fantastic exit bang on YR1 / 1HR1 and if you didn't have a sell order in it was still clear rejection the next day to take gains from add positions off the table.
Now what? Resting period after such a strong move would be common. On the pivot view, holding 1HR1 127.87 would be positive, as would WS1 at 129.03 and overall a favorable reaction to 1H RSI chart oversold. If bonds drop further, it will likely confirm & correspond with stock index rally. If the bond pullback stops about here, then stocks more likely to fail at FebPs and drop back down.
First, weekly with long term pivots only. The move for 2016 is clear: lift above 1HP, clear YP, lift to 1HR1, pause but no red, comeback, fast move to YR1 / 1HR2 combo, then larger reaction down. Buying was week 1 and 2 above levels, taking some profits last week was recommended. From here maybe 1HR1 can act as support.
Here's the daily view of the same pivots.
And here is medium term levels only, without the long term. 1/6 was a very important day. SPY had broken its YP and TLT had jumped above levels. These kinds of days can mean something in the market and sure enough it was time to cut USA longs and buy bonds.
Here is a daily chart with long term and medium term levels combined, ie yearly, half-year, quarterly and monthly pivot levels.
Lastly here's the 1 hour chart with weekly and daily levels. Note RSI lowest since 12/30/2015, and first touch of a WS1. A bullish reaction would be not much lower or bounce from here.