10-Year Treasury Notes: 10s have spent about 6 weeks chopping on this pivot – a long-term level that we need to keep an eye on. I’ll treat 126.01 as “last support” and see if that failure can re-test 125.065. On the other side of the coin, 126.235 is “last resistance” in that a move thru there can pressure the yield and the critical 127.165.
5-Year Treasury Note: Note how this market has been dealing with IT’S true pivot for 3 weeks or so…I still favor the bears based on what they have done in bonds – but don’t lose sight of the neutral bigger-picture in this market and 10s. Trade above 121.255 targets 122.055 (a first touch fade). S&P500 Stock Index: Strength seeks 1737.25 –which is a first-touch fade. First weakness comes below 1686.50 with trade below 1681.50 targeting 1666.75.