Since the early 1980's the Yield on the 10 Year Treasury Note has been in a steady downtrend (points A to B) while the Dow has been in a longer term up trend (points C to D) despite the mini Bear Market from 2000 through 2002 and has gained over 1200% since the early 1980's.  Meanwhile if you look at the period from the mid 1960's through the early 1980's notice that the Yield on the 10 Year Treasury Note was in a steady up trend (points E to A).  Furthermore notice what happened to the Dow from the mid 1960's through the early 1980's as the Yield on the 10 Year Treasury Note was in a steady up trend and remained above the 5% level (sold black line).  From 1966 through 1981 the Dow basically got stuck in a longer term trading range and went virtually nowhere for a period of 16 years (points F to C).   For example the Dow closed at 969 in 1965 and by the end of 1981 the Dow closed at 875.  Thus during that 16 year  period (1966-1981) by the end of 1981 the Dow was 9% lower from where it started from it started at the end of 1965.   

Here is a chart of the Dow from the early 1960's through the early 1980's.  Notice how it remained in choppy trading range for 16 years before finally breaking out in 1982 (point G) as the Yield on the 10 Year Treasury Note peaked and then began a longer term downtrend as shown above.  

Suffice to say what we don't want to see in the years ahead is for the Yield on the 10 Year Treasury Note to rise above the 5% level and start a new longer term up trend like occurred in the mid 1960's through the late 1970's that could end up being a big negative for the stock market in the years ahead.