June U.S. T-Bonds closed up 4/32 at 142 31/32 yesterday. Prices closed nearer the session low yesterday and hit another fresh two-month low early on. Short covering in a bear market was featured. Bond market bears still have the near-term technical advantage. Prices are in a three-week-old downtrend on the daily bar chart. The next downside price breakout objective for the T-Bond bears is closing prices below solid technical support at the contract low of 140 14/32. 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 143 16/32 and then at yesterday’s high of 144 3/32. First support is seen at yesterday’s low of 142 9/32 and then at 142 even. Wyckoff’s Market Rating: 3.0.
June U.S. T Notes closed up 0.5 (32nds) at 131.08.0 yesterday. Prices closed near mid-range and hit another fresh two-month low early on. The bears have the near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid resistance at last weeks’ high of 132.17.0. The next downside price breakout objective for the bears is producing a close below solid technical support at the March low of 130.00.0. First resistance is seen at 131.16.0 and then at yesterday’s high of 131.28.0. First support is seen at yesterday’s low of 130.28.0 and then at 130.24.0. Wyckoff’s Market Rating: 4.0
