US Treasury Bond futures are holding steady near record highs, rising in Tuesday’s session as the stock market stalled out a bit following Monday’s surge. The reversal in the bonds formed a swing low to confirm the lower end of the Channel Down chart pattern shown here on the 240-minute time frame.
This support near the 139.00 price level may provide a temporary bottom for the market to move away from. Strength in Wednesday’s session would be encouraging for a retracement back to the channel resistance at 146.00, which would likely occur in tandem with a resumption of last week’s selling of equities.
This Channel Down chart pattern is quite large in terms of price range and may contain most of the movement in the near term. A 6-point spread between the support and resistance will allow for swing trading inside the boundaries of the pattern while awaiting an eventual breakout. A move above 146.00 on a momentum rally would set up a breakout to a price level near the 150.00 handle, well into all-time high territory for the bond futures. Failure to hold Monday’s swing low will likely trigger further liquidation and a resumption of the slide lower.
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Daily Commodities Update: US Treasury Bonds
Published 10/12/2011, 03:51 AM
Updated 03/09/2019, 08:30 AM
Daily Commodities Update: US Treasury Bonds
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