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Since the 30 year bond fell into lows of 13518 on March 15, smart money who was short the market over the past few weeks began to cover positions and take profits. This led the market into a 23.6% retracement from it's 14105 failed high on March 12. This retracement was followed by another round of liquidation which led into new lows again at 13515 on the 16th, once again led by another round of short covering retracing 23.6% again. Once again buyers failed to step up and push the market past this level as another round of liquidation came in dropped the market down to lows of 13505, testing the September 2011 low of 13501. Not quite ready to take this out the market held, keeping late comers looking for continuation of selling trapped as it began to grind higher. The 13505 low was retested with a 13507 low, creating a double bottom as it failed to break. This trapped the late comer shorts and the market began short covering once again. Retracing again 23.6%, however this 3rd time around the market moved past this level and retraced 38.2%. This is new resistance the market is meeting now as liquidaters are once again coming in and selling at this 2nd tier of retracement. We are in liquidation mode in bonds, however have slowly seen short covering on the lows as the market consolidates above its 13501 September low in turn creating a flag which is looking for support and testing upside resistance. Sellers will be looking to put in a new low once again before going back into short covering as buyers must now try and defend this 23.6% retracement they conquered. The 50/100day moving averages have clearly crossed now which gives a longer term sell signal as this is a cross of death. This happened just in time as the market reached its downside target after the 20/50day crossed on February 13th. This is making it tough for the late comers trying to short the market, and at the same time giving an illusion to stubborn bulls who continue to think the market is bullish after these signals have been provided. Not considering that many buyers that came in the past couple of months are now under water. However buyers from 6 months ago are back to break even and they have not felt any pain as of yet. A move through 14414 is needed for the bull to regain control, however resistance now will be met at the old December lows of 13924 up to 14000.