Rangebound Yield, Subdued (Bullish) Trading In Equity Indices

Good Tuesday Morning, MPTraders!  July 22, 2025-- Pre-Market Update: Another subdued (bullish) overnight session in the equity futures indices... Neither Treasury Secretary Bessent's FOX interview nor former Treasury Secretary Janet Yellen's CNBC interview impacted the markets this AM, perhaps with the exception that Bessent's comment "I see no reason for Powell to step down now" can be attributed to ES trading from -5 pts to +3 points around 8 AM ET... Later today, we will have a Headline Risk Alert when President Trump greets and meets the Philippine President at the White House, which I suspect will result in some headlines about a trade deal and the efforts to contain China, especially in the South China Sea... Notable Earnings after the close: TXN, SAP, ENPH, EQT, COF...

Let's start our day with a look at my Big Picture setup work in ES and 10-year YIELD...

ES Bottom Line: Unless and until a bout of weakness slices beneath consequential up-trend support lodged from 6320 down through 6225, the bulls will be in directional control, eyeing 6400-6420 next... 

That said, a sustained breach of the 20 DMA, now at 6278, will get my attention... Last is 6344.75... 

As for 10-Year YIELD, well, one look at my attached Big Picture Daily Chart shows the sideways, rangebound pattern after the October 2023 high of 5.00%. Unless and until YIELD EITHER climbs through and above consequential resistance from 4.60% to 4.80%, or presses below consequential support from 4.00% down through 3.90%, the range will remain the dominant influence on YIELD, awaiting a powerful directional catalyst... last is 4.36%...

Next up: MP, TOST, TSLA, OSCR...