Bonds appeared to be making an effort to attempt higher levels, with a bull wedge pattern forming with an upper bound at 128'10. However, we broke down from this pattern, smashing through the 128 handle into the 127's and then some. The next level of support at 127'22 did little to provide support, though we finally bottomed out for now just above 127'08. Currently, we are seeing a brief pivot with an attempt to break 127'22 from below which is meeting resistance confirmed by two red triangles on the KRI. If we are able to break this level, the next target is 128'01. The Kovach OBV has flattened out suggesting we won't expect much in the way of momentum for now. If we fall further, 127'08 should provide support, then 127'01.
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Bonds plummet into the 126 handle after odds of a 50 basis point Fed hike jump after jobs data
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