When I first starting looking at the recent surge in TLT 2 weeks ago I projected $105 as a reasonable resistance level and 110 as a kind of over the top resistance level. This morning’s TLT behavior suggests that 110 outlier has more than a little chance of becoming reality. After hitting R6 at $108.20 in the first 30 minutes TLT is currently on a fade… all the way back to R3… so not exactly bearish. That 2 minute bar dead on 10:00 was a real doozy, producing a pop of precisely 2 pivot levels and the biggest 2 minute volume bar of the day so far… 492,000. Consider that the previous 2 minute bars reflected volumes of 85K, 25K and 91K respectively and you begin to appreciate the power of group thinking.
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