A LOT goes into relative stock prices, (not just the relative health of rich consumers vs that of poor consumers,) but this chart has been appearing in my X feed a lot lately so I though I’d pass it along. . . .
. . . . and add "Yes, since the economy is k-shaped we would expect to see this sort of thing.:
Yes, taken by itself it is a pretty weak/poor example.
It probably became popular because of recent statements from CEOs of Dollar General, Walmart etc.
It’s not terribly hard to find other evidence though.