On the Relative Rotation Graph below, the rotation of various asset classes is shown against the Vanguard Balanced Index Fund (VBINX).
The single one tail that immediately stands out is the one of DJP (Commodities). Then there are IEF (Government bonds) on the far left inside the lagging quadrant and VNQ to the far right, on the verge of crossing from leading into weakening.
Inside the blue shaded area are LQD (Corporate Bonds), HYG (High Yield Bonds), and SPY (Equities). All three on a very short tail and no clear rotational path with SPY and HYG still on the positive side of the RRG and LQD just about to cross over into the lagging quadrant.
Putting SPY/$SPX on a Relative Rotation Graph with other (international) equity markets against the FTSE All-World Index provides a different picture!