Chicagostock Trading

Chicagostock Trading

30 Year Bond Hourly Chart



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The 30 year is attempting to duplicate its pattern from January with the rally from 141'31 up to 145'13 which failed to hold and turned lower to break those 141'31 lows.  This break put in a low of 140'21, repeating the pattern as the market squeezed back to highs of 145'15, taking out the old highs by 2 ticks and once again failing to hold.  This consolidation at these levels built a head/shoulders topping formation with the neckline of 143'28.  This breached today and the bond went on a fast track to complete its head/shoulders target of 142'12.  Short term the bond should consolidate at this level as it fights to hold the lows of 140'21 by meeting support and short covering. Continued weakness and to mimick the pattern from January, sellers will be looking at taking out that 140'21 low from January 22nd, followed by an attempt to target the December 139'24 low. A break below this targets 133**.

Positive NFP # and +19 overnight daytrade
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