I’ve mentioned the crucial importance of the interest-sensitive ETFs – – as the boys in Gainesville often said, these bond markets are “equities in drag” and are sometimes prescient about future stock direction. In any case, they’ve done an about-face from importance horizontal resistance levels:
![](https://slopeofhope.com/wp-content/uploads/2023/07/slopechart_JNK-1-1-640x345.jpg)
![](https://slopeofhope.com/wp-content/uploads/2023/07/slopechart_LQD-1-640x345.jpg)
![](https://slopeofhope.com/wp-content/uploads/2023/07/slopechart_MUB-640x345.jpg)
If bonds continue to weaken, I suspect everything above will fall all the more.
![](https://slopeofhope.com/wp-content/uploads/2023/07/slopechart_TLT-1-640x345.jpg)