/ZB (30-yr Treasury bond futures) or TLT (20-30 yr Treasury bond ETF) offers an objective long entry here at support with stops somewhat below for a quick bounce trade. Minimum target in solid arrows, max. bounce target in dotted arrows. 2.0+ suggested beta-adjusted position size to adjust for the below-average gain/loss potential/low-volatility of Treasury bonds.
A long here on Treasuries also has the potential to work as an indirect hedge to a short on /NQ or QQQ as continued downside in Treasury bonds (i.e.- rising yields) should be a net headwind for stocks while rallying Treasuries would typically be bullish for stocks although the fact Treasuries (as well as EUR/USD) have been falling recently without stocks fully pricing in those drops, we could see a scenario where bonds rally while stocks fall to account for the recent divergence or disconnect from their typical correlation. 60-minute chart of TLT & 120-minute chart of /ZB below.
TLT 60m July 1st
ZB 120m July 1st