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Are these two indicators telling the same bullish story ?

I would describe myself as a value investor but can recognise some technical patterns or money outflow whenever I see some.

It would appear that the S&P500 is breaking out as shown on this graph:

Equally, it would seem that a significant outflow of money has been recorded from volatility investments which had dominated the market stories in the past weeks:

Some would see these two observations as a bullish indicator. While I keep this information in the back of my head, I remain a stock picker rather than just an investor who follows the herd.