Mish’s Daily: The Long Bonds Update

Mish’s Daily: The Long Bonds Update
Written by Michele ‘Mish’ Schneider

Over the weekend we covered the weekly charts of the Economic Modern Family.
All the original Modern Family (Russell 2000 IWM, Retail XRT, Transportation IYT, Regional Banks KRE, Biotechnology IBB, and Semiconductors SMH), gained.
Our newest member, Bitcoin, also gained.
We also looked at NASDAQ. That too (QQQ) gained.
In fact, QQQ gained the most percentagewise.
We could say All in the Family has begun this week happy and healthy.
Now, let’s look at the long bonds TLT.
With mixed economic signals, an upcoming FOMC, earnings on tap, and the election cycle upon us in full swing, the TLT is a moving piece to watch for many reasons.
Click here to read more on long bonds, plus levels for key ETF indices and sectors.
On the positive side for the overall market, SPY maintains its lead over TLT.
For risk on, that is exactly what you want to see.
As far as price, TLT failed to pierce the July 6-month calendar range high (green horizontal line).
However, the price sits above the 50-DMA (blue) after a golden cross last week.
TLT is in a bullish phase.
On Real Motion, the red dots sit on the 50-DMA, which means at this point, the momentum is in line with price.
What we can conclude is that TLT is holding up as rates have peaked.
Nonetheless, we have yet to see real evidence of rates coming down, which is ok provided the economy can hang in there. Should TLT clear July highs, we see a potential shift in the landscape with fears of recession starting to emerge.
To find out more about calendar ranges, momentum and leadership indicators, please contact Rob Quinn, our Chief Strategy Consultant,
Educational purposes only, not official trading advice.
For more detailed trading information about our blended models, tools, and trader education courses, contact Rob Quinn, our Chief Strategy Consultant, to learn more.


Get your copy of “Plant Your Money Tree: A Guide to Growing Your Wealth”
Grow Your Wealth Today and Plant Your Money Tree!

“I grew my money tree and so can you!”- Mish Schneider
Mish in the Media
BFM Radio Malaysia ITS ALWAYS GOOD TO TAKE SOME PROFITS 07-16-24
Schwab Network The Inside Sectors Or Economic Modern Family 07-16-24
Coming Up:
July 22 CNA Asia First
July 23 Virtual Money Show
July 24 Better Systems Trading Podcast
July 25 Live Coaching Members only

August 2 Yahoo Finance
August 5 Breakfast Bytes Singapore radio
August 7 IBD podcast
Weekly: Business First AM, stockpick.app
ETF Summary
S&P 500 (SPY) 543 support 559 resistance
Russell 2000 (IWM) Nice day and pop with 217 holding well
Dow (DIA) 400 support to hold
Nasdaq (QQQ) 470 support 490 resistance
Regional banks (KRE) 54 now support with 60 next level to watch
Semiconductors (SMH) Back over the 50-DMA and back into an unconfirmed bullish phase
Transportation (IYT) Like to see this get back above 67
Biotechnology (IBB) 146 now pivotal support
Retail (XRT) 77.50 resistance to clear
iShares iBoxx Hi Yd Cor Bond ETF (HYG) 78.00 pivotal

20240723