Adjusted on: 7/21 30-Year Bond: The bulls are still in good shape on dips to 138.06; WHO controls 138.18 is the key….Bears
still need 136.17; there is still a chance slippage below 138.06 takes out some longs.
10-Year Treasury Note: The bulls do better above 125.155… the yield of course is still critical – all that said, the bull’s need to take out 125.25 (resistance) to go after 125.315 and especially 126.09.
5-Year Treasury Notes: The bulls need to take out the 119.15 resistance – then they can work on taking out 119.26 (I’d prefer to lean long there) and go after at least 120.02 and likely as high as 120.14. The bears need to take out 118.285, the yield, AND 118.195 – the latter two being the better potential fades.
S&P500 Stock Index: If the bears can get prices back below 1960.25 they can work again on breaking the market…I would still be careful fading the 46.75…you can make a case that once they take out 41.50 trade can drop to 1888-ish. The upside of course is still a “buy” on
new highs looking to reverse (first-touch) at 1992.75. (Don’t fight trade up thru there tho; there are projected targets in the high
2000’s.
