March U.S. T-Bonds closed up 7/32 at 144 23/32 yesterday. Prices closed near mid-range and saw short covering in a bear market after hitting a nearly four-month low on Friday. Investor risk appetite is on the upswing to start the new year and that has sucked safe-haven money out of the bond and notes markets. T-Bond bears have the near-term technical advantage. The next downside price breakout objective for the T-Bond bears is closing prices below solid technical support at the September low of 143 8/32. The next upside technical objective for the bulls is to produce a close above solid technical resistance at 146 23/32. First resistance is seen at yesterday’s high of 145 4/32 and then at 145 19/32. First support is seen at yesterday’s low of 144 12/32 and then at 144 even. Wyckoff’s Market Rating: 2.5.
March U.S. T Notes closed up 3.0 (32nds) at 131.19.5 yesterday. Prices closed near mid-range on short covering after hitting a nearly four-month low on Friday. Bears have the solid near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid resistance at 133.02.5. The next downside price breakout objective for the bears is producing a close below solid technical support at the September low of 130.10.5. First resistance is seen at yesterday’s high of 131.24.5 and then at 132.00.0. First support is seen at yesterday’s low of 131.16.0 and then at last week’s low of 131.04.0. Wyckoff’s Market Rating: 3.0
