June U.S. T-Bonds closed up 27/32 at 142 23/32 yesterday. Prices closed nearer the session low yesterday and were supported by fresh safe-haven demand amid a flare-up in the EU debt crisis. Bond market bears still have the overall near-term technical advantage. 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 the March high of 144 29/32. First resistance is seen at 143 even and then at yesterday’s high of 143 24/32. First support is seen at yesterday’s low of 142 10/32 and then at 142 even. Wyckoff’s Market Rating: 3.5.
June U.S. T Notes closed up 12.0 (32nds) at 131.08.5 yesterday. Prices closed nearer the session low yesterday. Bulls have gained some upside technical momentum on flight-to-quality buying and are on a level near-term technical playing field with the bears at present. The next upside price breakout objective for the bulls is closing prices above solid resistance at the March high of 132.00.5. 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 131.21.5. First support is seen at yesterday’s low of 131.03.5 and then at 131.00.0. Wyckoff’s Market Rating: 5.0
