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Bond yields not rising with Stocks, while S&P nearing key Short-term resistance

Good morning-  US Futures have pushed up to nearly reclaim 50% of the prior downdraft, a real positive in terms of helping momentum to stabilize a bit after our severe downside volatility.. but now have reached areas on the upside where further gains might prove difficult-  2041-5 on S&P SEPT Futures is important and lies near the prior mid-June lows, so this should be an area to consider adding hedges for at least some type of backing and filling into next week- Have seen a strange couple days where SKEW has gotten severely elevated, while both the number of stocks making new LOWS and New highs have spiked-  Monday's trading showed the highest number since February on New lows, then has subsequently dipped on our rally- 

New lows spiked to highest levels since February

One thing to note.. TY YIELDS have barely budged on any of this bounce.  German bund yields back down to -.12 bps while 10yr at 1.46, certainly no bounce which would have been thought to be the case preceding the equity move-  Some minor consolidation in US Dollar index over last couple days, but certainly not that much of a negative when compared to what happened post BREXIT when the Dollar surged, and USD still very much positive-  Gold and Crude both rallying moderately this am.. Most of Europe is higher by another 2%- 

 

TNX has really fallen off hard at a time when normally stocks and bond yields tend to trend together.  Most of the turns still come about on similar days for both, but with far less magnitude for stocks, as the SPX is definitely not following the extent of the move right now in Yields, and in the last few days, yields also have not budged

 

Key SHORT-TERM thesis-  Recent rally likely stalls out today and pulls back into final day of the month/quarter and into early July..consolidating these gains BEFORE a larger rally gets underway- So bullish on 2-3 month basis, but tentative, and bearish into early next week, using today's gains to put on Hedges..  For now, the 2-3 month positives and negative have been written about in my Daily and weekly notes-  http://newtonadvisor.com - .Early movers for this am:  TSRO, PVTB, AMRS, DAR, FTI, MYGN, PES all positive, while LPCN, ECR, ALV, SWN, HR negative-  Let me know if I can answer any questions