In just a week’s time, T-bond futures have given up more than half of their impressive gains from the June lows, creating a nasty impulse leg on the intraday charts in the process. Now, they are probing for support which, from a Hidden Pivot standpoint, could materialize as high as 115^28.5, or at 115^14 if any lower. However, if the lower number is exceeded on a closing basis, we could see further weakness over the near term to as low as 113^30. _______ UPDATE (10:52 a.m.): The 115^14 target caught the low of this morning’s swoon within a single tick. The futures have since recovered by nearly a full handle, but if they should revisit the low and close beneath it, 113^30 would become the new downside objective.
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