$TLT has seen multiple touches of the 114.30 level that have resulted in a reversal. Would keep your eyes on $TLT heading into the weekend. This Bond ETF Offers Bears An Alternative due to its inverse correlation to the SPDR S&P 500 ETF Trust (NYSE:SPY). The fund tracks a market-weighted index of debt issued by the U.S. Treasury with maturities of 20 years or more.