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ES Continues to Exhibit Resiliency Despite Rate Pressure
So far, for the month of June (5 trading days), 10-year YIELD has climbed from 2.08% to 2.44% (+17%), yet the e-SPM is down less than 1% during the exact same timeframe, which I can only describe as a very strong performance for a very-resilient equity market.
That said, however, what YIELD level will the e-SPM come more unhinged-- 2.50%... 2.80%?
For the time being, as long as YIELD remains south of 2.50%, it appears that the e-SPM action represents a contained correction within an otherwise still-intact longer-term bull trend.
