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Early upside followthrough in Equities, while Gold breaking down- under 1277 important

Early upside followthrough as yesterday's move was seen as a bigger Positive than negative despite late day pullback, and additional strength looks likely into early July- but 2110 will be key for Sept S&P futures- Mild gains with Europe showing addtl strength while Global yields are still pressing higher, with German bund yields up to 6 bp, and Gilts to 1.286- TY yields meanwhile, showing some stalling as TNX got right up to 1.70 which will remain a key level- A couple things to note:  Both industrials and Cons discretionary have started to trade better in recent days and this looks important, along with Gold now getting down BELOW 1277 which on a close should cause a larger pullback in the Metals complex into late July.  if Financials and Tech could join, this would give much more positive participation that should lead back to new highs-  For today- 2087-88 initially on the upside and then 2100-1 while on downside- 2066-7 and then 2058-60 important-  Premkt movers: OPK, GBT, UFS, CDXC higher, while lower: CSAL-KNX, MDGN, PRTK, VKTX, WERN-  Let me know if you have questions

Ongoing rally in S&P as yesterday's late day pullback held where it needed to at 2072-4 area in Sept futures before turning back positive this am-  The last hour has seen a bit of a pullback given the Treasury rally, with TNX down to 1.67 and Bund yields falling from .075 to .055-  For now, key areas of support lie near 1271 for S&P futures, and under would allow for 2057-8 to be tested

Some minor weakness in German Bund yields from early highs, and the area at 50% level of the June decline proved important this morning.  For now, this mild drawdown has also led to TNX following suit a bit which has resulted in S&P pulling back from early highs.  For now, a bit move off the lows for Bund yields but has gone a bit too far too quickly

Breach of 1277 this am would take on more importance if holds on a closing basis and would be important and negative to think Gold is on the verge of a larger breakdown- The near-term picture has taken on a much more negative pattern in the last few days, so for the Bulls, the ability to stay firmly above 1280 is important, while for the bears, (which looks more likely in the short run), under 1277 on today's close would suggest the start of potentially a larger decline into late June/early July