As with just about every other asset class, bonds have been bouncing strongly over the past week, but I think that again, with just about every other asset class, the bounce is nearing an end.
Resistance
Take note of the descending channel bonds were trading in since last May. It broke that channel on June 19 and, I think, the lower trendline is going to represent resistance now. We are approaching this trendline, as well as another spanning back to August 19, 2011, which I believe provides a strong pivot point to repel prices downward.