We would be concerned on a drop below SPY 172.50. At the same time, we believe this is a Secular Bull Market, and has been since 1974. The TNX is in an interesting position at this juncture, as it is challenging resistance at 27.60 and the daily stochastic is in a slight sell mode. This means there is at least a chance that rates will start to decline again, and continue the downtrend, making new lows and challenging our objective of 24.
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