There is absolutely nothing that says bearish Equities.

Nasd/Bond closed 2021 @ 10209.
I would expect the spread to be marked higher on the year going into Thursday Qtr end.

We spent time analyzing the Yen and its crosses.

Yen hit some interesting levels in USD/JPY @ 125 and EUR/JPY @ 137.50 ( the 2018 high which produced  some profitaking.
Still looking for higher dollar Yen.

Year end Japan is Wednesday night!

Qtr end U.S. is Thursday, after which you can look for an ebb to this recent capital flow.