Chart has been telling us a while to reduce (underweight) SP500 exposure and to increase US 10y Treasury holdings. If spread breaks below the Kumo cloud, more slaughter in SPX is possible. However let me call your attention that this doesn't mean automatically that ZN (bonds) will not fall! This only means that in any direction SPX -0.09% would underperform a 10y Bond.
So if you are a long only investor, just weight down equity holdings and hold more government bonds, or TLT.