TLT to oil shows a move to risk off.  MACD wkly shows the first up in 4 weeks.

Although TLT momentum is still low when compared to 2016 and 2017 Apr-Jun timeframes. I suspect that’s due to rate rises and inflation worries. BUT August should be good as oil will fall over the summer and gather downward speed into August.

In addition, the 10wkma line is still going down. In 2017, it was rising from Feb-Sep. In 2 months, this can reverse to rising/flat after the Fed rate rise in June.