30-Year Bond: It’ll be pretty bullish if the longs can control this pivot; the other key up-top is 138.22…once the bulls take out 138.22 they’ll
target 140.06. Losing the pivot will likely bring some profit-taking trade; the bears then will need to take out 136.17.
10-Year Treasury Note: The pivot lends support…the yield of course is very critical – and it’ll even be quite bullish if the bulls hold
125.015. All that said, the bull’s goal is to take trade thru 125.235 and ideally get prices as high as 126.09. Losing the yield
and failing to find support at 125.015 helps the bears; then they need to take out 124.23 (which lets them set their sights on a
pivotal at 124.00).
5-Year Treasury Notes: The bulls need to take out the 119.15 resistance – then they can work on taking out
119.26 (I’d prefer to lean long there) and go after at least 120.02 and likely as high as 120.14. The bears need to take out
118.285, the yield, AND 118.195 – the latter two being the better potential fades.
S&P500 Stock Index: If the bears can get prices back below 1960.25 they can work again on breaking the market…I would still be careful fading the 46.75…you can make a case that once they take out 41.50 trade can drop to 1888-ish. The upside of course is still a “buy” on new highs looking to reverse (first-touch) at 1992.75. (Don’t fight trade up thru there tho; there are projected targets in the high 2000’s.
