Now we will talk about the relationship between the debt market (/ZB) and stock markets (/ES).
Dependence is not clear, but the analysis is quite interesting – for growth /ES classics must be confirmed by the increase /ZB.
But in practice this does not happen often. From my experience of trade (both intra-day and in the interval (month/quarter) noted the following – first is /ZB, and then pulled /ES.
The highlighted areas below (except for the second-order) one can see that during the fall /ZB, /ES initially attracts new buyers, stabilizes and begins to fall (both due to stop-orders customers, and due to the new sell-stop orders).
On intermarket analysis, information will be received gradually (I do not have much time yet).