Adjusted on: 7/23 30-Year Bond: Taking out the highs lets bonds go after 140.17 and then 141.19 & 141.29. The yield will
of course be important; if the bulls don’t hold 138.07 that might bring some slippage lower; bigger-picture tho the bears need
136.23-136.14.
10-Year Treasury Note: I set the higher pivot as Wednesday’s late trade had rejected the 3.25% in
bonds…but the pivot offers virtually NO resistance and is more a gateway to 125.22. 125.22 DOES offer resistance – but if it
gets taken out, trade can run as high as 126.24. The bears can do better below the yield AND that support at 125.00 – and
better still below 124.24.
5-Year Treasury Notes: The bulls need 119.155 – and there is STILL resistance there…they’ll do
BEST above 119.26 (resistance there) as that will let them go after 120.14. (I think 120.04_2 will give us a first-touch fade)
Downside, the bears need 118.29 – which lets them test the yield and the critical 118.20.
S&P500 Stock Index: Strength still
needs to be respected for at least a test of 1997.25 (and I still suggest first-touch fading)…the pivot SHOULD be supportive
but if it is NOT that’s actually a bit bearish. First true weakness tho comes below 60.75.
