Epic rally of the homebuilders Index

S&P 500 Homebuilders Index has rallied spectacularly after the massive plunge that happened during the lockdown. It is now within -3% of an all-time high after being more than -30% below an all-time high in the past 6 months. When this happened in the past, the 1 year forward returns for the index were extremely bullish even though the 1-6 month returns were mixed. 

However, for the S&P 500 index itself, this was a more bearish than random sign on all time frames.