Category Archives: Interest

Bold Numbers

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Apologies for the very late post today. I had a morning appointment that overran badly, and it’s slower work getting charts done after the markets open and I’m then trading as well as charting.

I mentioned on twitter last night after the close that the bulls narrowly managed to avoid a 5dma three day rule breakdown with a target at a retest of the lows. There was more downside overnight that reached my ideal target on ES at a retest of the 1850 area and ES then reversed back up hard there. There is a strange myth that globex highs and lows always need to be retested soon after. I’ve been watching that for a while and have seen little evidence to support this, and there’s no need to see that here.

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New Up-Leg in Yield?

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As the global and U.S. equity markets stage a huge recovery rally, 10-year YIELD continues to creep higher– to 2.24% from the Aug 24 low at 1.90%– within a larger-developing bottoming pattern (outlined by the red lines below).

Current strength has propelled YIELD up and out of its near-term digestion (flag) pattern that triggers upside potential to challenge its Jan, 2014, resistance line, now at 2.40%.

Only a break below 2.11% will wreck the developing bullish set-up in YIELD.

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Originally published on MPTrader.com.