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Cycles still show an immediate low might be premature

US Equity markets remain trending lower and a test of August lows looks increasingly likely given the ongoing resilience in TNX and DXY. 

S&P’s rally proved short-lived as September futures reached the first meaningful upside target before turning back lower.  S&P’s late Friday selloff directly coincided with TNX pushing back higher from 4.209% to above 4.25% by the close. 

Seeing some evidence of Treasury y...

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