Adjusted on: 7/7 Comments: US 30-Year Bond: Remember, there is NO support down below –and as long as bonds stay below 135.05 we need to make a case for a move to 124.20. Some sell pressure is also removed back above 134.08.
5-Year Treasury Note: 119.205 COULD be the bottom – but if we don’t bounce there trade will target 118.23. (I’m not sure if I am going to fade 205) Up-top, the yield and 120.215 are the keys for the bulls. S&P500 Stock Index: As long as the bulls can hold this pivot we need to look for a test of 42; if the bears don’t hold 42 we’ll see 49 next. Trade above 1649 targets 1670. We’ll see some softness below 1613; trade is weak below 1598 and targets 1568.