Remember the current ‘downside bias’

Bonds

US 30-Year Bond: Bearish bias is OFF above 135.24. 136.12 MIGHT be a pivotal. Remember the current “downside bias” – and it should be “home free’ below 131.27.

10-Year Treasury Notes: 127.15 should hold for a first-touch fade. Market is bullish above 127.22. I put the yield at yesterday’s sl as a reminder that we are not too far from the 2 ¾%…watch for it…

5-Year Treasury Note: Note we’re not too far from the 1.5%…keep an eye out for it…bulls do BEST above 121.255…bears BEST below 120.20…

S&P500 Stock Index:  BOTH the pivot AND 87.75 are keeping pressure on this market…the bulls need SOME kind of hold above them or a GOOD run thru the highs. Continued weakness at 69 lets trade go after the 1661 “trigger”…

 

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