7.22 Tuesday noon

Right now, we’re in the Fed’s July 18 to 30 policy-meeting quiet window. Officials are collectively keeping silent, so the market can only look to US stock earnings reports for direction. The 10-year US Treasury yield has already climbed to 4.64%, and with the geopolitical friction in the Middle East pushing oil prices up again, energy-side inflation worries are set to return, and rate-cut expectations have been pushed further out by the market. In a high-interest-rate environment, the long-term pressure on the valuation of non-yielding “big pie” assets means the conditions for a one-way violent rally are far from mature.

Suggestions:
Big pie: Consider longs around 67,000–67,500 after it counter-taps @Kc@,
Target: Down to around 65,600–65,100;
Second pie: Consider longs after a pullback into the 1,960–2,000 zone @Kc@,
Target: Look for 1,900–1,860.
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