Our pivot dilemma continues. Since 7/14 on ESU and from 7/20 on SPX, YR1 has acted as support. Yet on ES1 and SPY, YR1 has acted as resistance from 7/14 and 7/20 respectively. All charts below.

The longer the market digests the rally off the 6/27 lows by going sideways, the more chance of higher. That said, impressive rally by the safe havens TLT and GLD today. TLT pivots missed the turn, but TNX has been working well. More on that soon.

CL1 is currently within pennies of its last support, 2HP. Any lower would likely pressure stocks and increase the pop in bonds.