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The long end looks overextended.

The TLT(20+ Year Treasury Bond Fund) is leaving behind an ominous spike high at last week’s peak. Last week the index set a new 2019 high as the rally off the 200D moving average(March low) extended to 13%. This week the TLT is pulling back and at mid day is trading at new July lows.

A close below $131.50 would take out a solid support area.

In early June the TLT reached an extremely overbought reading(daily MACD).

In the near term we are bearish bonds. We are long TBT(ProShares UltraShort 20+ Year Treasury ETF): , in most managed accounts.