June U.S. T-Bonds closed up 13/32 at 144 5/32 yesterday. Prices closed nearer the session low yesterday but did hit a fresh five-week high early on yesterday. More short covering and fresh safe-haven demand were seen yesterday amid the uncertainty regarding the Italian elections. Price action this week has seen a bullish upside “breakout” from a sideways trading range at lower price levels. The next downside price breakout objective for the T-Bond bears is closing prices below solid technical support at the February low of 140 23/32. The next upside technical objective for the bulls is to produce a close above solid technical resistance at 145 even. First resistance is seen at yesterday’s high of 144 26/32 and then at the January high of 144 30/32. First support is seen at yesterday’s low of 143 28/32 and then at 143 16/32. Wyckoff’s Market Rating: 5.0.
June U.S. T Notes closed up 6.0 (32nds) at 131.17.0 yesterday. Prices closed near mid-range yesterday and hit another fresh two-month high on more short covering and fresh safe-haven demand. Bulls have the overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid resistance at 132.00.0. The next downside price breakout objective for the bears is producing a close below solid technical support at
130.08.0. First resistance is seen at yesterday’s high of 131.26.0 and then at 132.00.0. First support is seen at yesterday’s low of 131.11.0 and then at 131.08.0. Wyckoff’s Market Rating: 6.0
