The DEC'09 US 30YR T-Bond is on the defensive and threatening to roll over. A held trade below 119-14 keeps the contract on the defensive pressing support at 118-06. If the MKT is going to stabilize it will here. If not a play for the 116-30 and 116-23 support area is expected in the session. Use caution. Negative sentiment has the potential to feed on itself, putting the 114-09 level in play. 112-145 is the current extreme.
A rise above 119-24 is needed to take the edge off for a price move up to the 120-18 Inflection Pivot. Keep it tight. This is the high point for any buying if the negative momentum is going to turn the bias. A breach of 120-18 removes the negative threat putting new move highs up to 122-28 back on the menu. Expect more stop and go action.
JS
This post supports JS Services Strategy Based Trading approach. For more information please contact me at info@jsservices.com. You can also visit http://www.jsservices.com/.The Inflection Pivot levels are available as a chart overlay on the following platforms; Ninja trader, Strategy Runner and eSignal. Sign up for a Complimentary Trial.
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