Amid rising concerns over both US and global economic conditions lately, there are several macroeconomic indicators that investors track in order to make well-informed investment decisions. Understanding the statistical relationships between such economic indicators and S&P 500 performance is essential to make better buying and selling decisions. This article focuses on two economic indicators, the 2yr/10yr Yield Spread and the High-Yield Spread, which are both widely watched barometers for credit conditions. There has been a lot of noise around the flattening spread between the 2yr and 10yr yield lately, as it has induced bearish investors