Looking for a pullback into bear channel after the strong selling of 10-year bond futures from Friday's job report. Yields jumped today, so I would think there's some buyers coming into US session. At least there's a decent chance.
After putting in a bottom in mid-October, T-notes have rallied sharply higher. Patient bulls have been afforded few opportunities to enter the contracts on a pullback, but that may soon change. Pullbacks are a healthy part of any sustained rally, as they allow market participants to take profits from longer held positions, and reallocate capital in the direction...
Bearish continuation head and shoulders.
First entry on January 7, stopped on 13 January, second entry on February 4 on breakout confirmation of the daily triangle.
Risk / Reward 4.5
Potential target 135
Markets bottom only through the 10 year bonds $TN forming a bottoming formation at 139, which roughly corresponds to 10YR interest rates topping at 2.2%. Might take a good week to churn out. Otherwise, adieu markets.
The rally out of Oct 21 low - is it an evolving impulse, or a correction in a larger downtrend?
I think more likely it’s a fresh impulse - in which case it’s working on Wave 4 of 3.
Thank you for your likes and shares! Much appreciated!
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The market has shown amazing entry point for a long trade down. The formation of a large wick followed by volumes later on gave us very profitable trades today.
The support line is very strong and the market failed to break it . This is it for today!...
