The Day Ahead: PM Edition 2023-08-01

Another relatively dull day in eq

Bonds

Bonds dropped under the 123^12 support level to a minor new swing low under the July 10th low. While I do think bonds will eventually push to a new low under that of last year, I think there is likely a decent bounce back toward around 125^25 first. I see this as a [B] wave low in wave iv. Recovery of 123^12 is the first sign that a bounce is start…