30-Year Bond: The downside key is 134.25; that failure lets bonds go after 132.20 (a first-touch fade). The upside starts with 135.28; the next
CRITICAL price is 137.19 (SHOULD be a first-touch fade); trade thru 137.19 goes after 138.10 and 138.20.
10-Year Treasury Note: This pivot AND 123.00 are both very significant –therefore there COULD be some extra chop at them. (Trade that takes out 123.00 sets up a run at 120.00…. The upside starts with 124.19 – getting trade thru there lets the bulls try again to get trade
thru 125.19 – which then targets 126.07 and a pivotal (fade) at 126.125.
5-Year Treasury Notes: This pivot is THE most important price (all the other pivotals notwithstanding)…weakness can drop as low as 117.00…upside, each pivotal could have more than the usual chop; the bottom line is the bulls need to fight thru all of them (picking up more control for each one they claim) and get trade thru 119.24 (which brings 120.13 and 120.175 (better fade of the two) into play.
S&P500 Stock Index: If the bulls can control 1944.25-1946.90 we need to look for 1969.25…where we can fade. Downside, I view these pivotals more as triggers for more weakness; each one has an element of weakness.