30-Year Bond: After Wednesday lackluster trade let’s go back to focusing on what matters: the bulls gain more control above 135.28 – and that lets them test the recent highs and from there 137.04. EVERYTHING on the downside starts with 134.17 – I view it more as a
trigger for weakness (to allow a run at 132.20 and 132.06…
10-Year Treasury Note: The REAL key here is 123.23 – if the bears take that out, 123.00 (fade) is in play. The upside starts with getting trade thru 124.19 – which will allow for a test of 125.10.
5-Year Treasury Notes: The pivot has some “true” characteristics but there is also a lot more strength to it – it’s now
more useful as support/resistance. Better strength comes with a push thru 119.07; the key downside is 118.20: it IS supportive
but its failure brings much lower trade into play.
S&P500 Stock Index: REMINDER: SEP IS TOP STEP If the bulls can extend the highs we need to look for 1953.50…I’m not sure about fading there…strength continues to 65.25 which IS a fade. Better weakness comes below 1926.25. Further down, 1906.75 and 1903.25 are CRITICAL; I DO NOT see enough support there to fade.