A Quick Note

TLT has moved back above the daily Keltner Bands, and there is also an hourly T from July 8, with a center point of July 13, that expires on Monday.

While the T should last until October, it may be wise to get some protection .

In other observations, IWM reached a point intraday where it was 8% lower than SPY over the last month. It is a low risk/reward to be long IWM vs. SPY, regardless of market direction.

IWM has fluctuated from being priced between 62% and 54% of SPY for many years. It is also at support from a more recent trend line. It is now at 50%. This doesn’t mean that it can’t go down, but in a spread against SPY, the risk is low.