March U.S. T-Bonds closed down 5/32 at 143 9/32 yesterday. Prices closed near mid-range yesterday and hit a fresh contract low. Not even a friendly FOMC report and a weak GDP report could help the bond market bulls yesterday, and that’s a very bearish clue. T-Bond bears have the solid overall near-term technical advantage and this week have gained more downside momentum. The next downside price breakout objective for the T-Bond bears is closing prices below solid technical support at 142 even. The next upside technical objective for the bulls is to produce a close above solid technical resistance at the January high of 146 17/32. First resistance is seen at yesterday’s high of 143 22/32 and then at 144 even. First support is seen at 143 even and then at yesterday’s contract low of 142 19/32. Wyckoff’s Market Rating: 1.0.
March U.S. T Notes closed up 1.5 (32nds) at 131.08.5 yesterday. Prices closed near mid-range on short covering in a bear
market. Bears still have the overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid resistance at the January high of 132.17.5. The next downside price breakout objective for the bears is producing a close below solid technical support at the September low of 130.10.5. First resistance is seen at this week’s high of 131.16.5 and then at 131.24.0. First support is seen at yesterday’s low of 130.30.0 and then at 130.24.0. Wyckoff’s Market Rating: 3.0
