An extension above the previous high in TLT will likely be fueled by deflationary pressures if we start to see a pullback in stocks, slowing economic data, or perhaps an escalation of geopolitical conflict. The iShares 20+ Year Treasury Bond ETF (TLT) is at an important technical crossroad that will be a big tell on the future direction of both fixed-income and equities. Both of these ETFs can act as a safety net, similar to TLT, when investors switch to a risk off mindset.