December U.S. T-Bonds closed down 14/32 at 134 26/32 today. Prices closed nearer the session low and scored a bearish “outside day” down on the daily bar chart. A mildly bearish FOMC statement helped to pressure bonds today. Bond market bulls still have the overall near near-term technical advantage. Prices are in a seven-week-old uptrend 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 October low of 131 20/32. The next upside technical objective for the bulls is to produce a close above solid technical resistance at 136 even. First resistance is seen at 135 even and then at last week’s high of 135 24/32. First support is seen at today’s low of 134 19/32 and then at 134 even. Wyckoff’s Market Rating: 6.0.
December U.S. T Notes closed down 7.5 (32nds) at 127.15.5 today. Prices closed nearer the session low and scored a bearish “outside day” down after hitting a fresh four-month high early on. Profit taking was featured. The bulls still have the near-term technical advantage. Prices are still in a seven-week-old uptrend on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid resistance at 129.00.0. The next downside price breakout objective for the bears is producing a close below solid technical support at the October low of 125.16.5. First resistance is seen at 127.25.5 and then at today’s high of 128.02.0. First support is seen at today’s low of 127.09.5 and then at 127.00.0. Wyckoff’s Market Rating: 6.0
