Adjusted on: 5/22 REMINDER: 5/29: SEP IS LEAD MONTH BONDS/NOTES
30-Year Bond: The “explosion” higher trade is still out there; taking trade thru 137.00 will get it started; taking out 136.03 negates it (and is bearish). Remember, the trade projects into the 140 area; downside, a failure of 134.29 goes after 133.21.
10-Year Treasury Note: KEYS: USE THE YIELD FOR THE PIVOT but from there: strength WANTS to test 126.115 and if the bulls want more then we need to look for 127.05 (first-touch fade). Downside, 124.31 is GOOD support but its failure will improve the bear’s case (to target 124.23 and LIKELY lower).
5-Year Treasury Notes: If the bulls take out this pivot we have to look for 120.285. Downside, 2 places
the bulls COULD step in are 120.03 and 119.31_7 – if they DON’T, that really will weaken the market. Even with that
weakness, 119.24 should give us a first-touch fade.
S&P500 Stock Index: We keep having to focus on the same prices as SPs
refuses to move; if we extend the highs just note that, beside the 1908.50 pivotal, there is another pivotal area at 1943.50-
1948.75. Weakness needs to take out 1854 which will at least let SPs test 1846.75.
