30-Year Bond: Strength SHOULD test 136.10…if the bulls maintain control there their next target will be 137.08. (Of those 3 upside pivotals, I think 137.26 and 138.09 are the better fades). The whole key for the bears is to get trade thru 134.17. Being as this is for a Friday I
would expect trade relative to the pivot will influence MOCs.
10-Year Treasury Note: Like bonds, note another directional pivot…..in this market tho the bulls need to take out 125.19 to get their next leg up (I view BOTH upside pivotals more as targets/triggers for higher trade than I do fades). Downside, 123.245 DOES have support – but its failure lets 10s go after 123.00. (123.195 is LIKELY a first-touch fade tho).
5-Year Treasury Notes: ANOTHER directional pivot…tough to talk about this upside because while the pivot and 119.15 both are GOOD resistance, as the bulls take each one, THEY get more control. 118.31 is another hard level to discuss; it feels like we shouldn’t fade it. The key downside is WHO controls 118.205 tho.
S&P500 Stock Index: This pivot, like across financials, is also directional…fading 1936.50 will be fairly risky;
strength testing 1951.50 and even 1966.25 makes more sense…weakness will increase markedly below 1906.25; taking out
1885.50 targets 1868.25.
