UST10Y yield made a record low today (see Monthly Outlook Update (7/1/16)). Stocks pulled back and bounced at support and around MA50 today (Chart 1). The pullback allows the 5th attempt to breakout in SPX to struggle with the trend line once again (Chart 2).
From the high, it is easier to count a five-wave decline in futures than cash. See chart 3 (ES) and Chart 4 (SPX).
