The Dec'09 US 30YR T-Bond is back pressing good directional resistance are 121-31. If the MKT is going to remain in a digestive state any positiver push today will exhaust here. A held breach is a fresh positive signal that will put the 122-24 target in reach during the session. Expect a reaction but don't get turned around. Sustained trading at these levels forecasts a run at the 123-23-123-19 resistance band.
121-06 is today's Inflection Pivot, defining the session bias. Above here the contract will be bid into resistance at 121-31 and below here offered into support at 120-13. This is the low point for any weakness today if the MKT is going to remain in a digestive state. Accept FADE and REVERSAL signals off this support. Don't fight a held trade under 120-13 however as the Bears will be poised to take a bite putting the 118-12 support target back in play.
The MKT is in a BULL TREND DIGESTIVE state so the bias remains underlying positive however sideways within the 121-31-120-13 Critical Range with 121-06 the directional pivot. A breach of either range extreme will tee the sentiment bias into Friday's figures.
JS
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