USM09

On the June T-Bond's daily chart, the clean lines of the downtrend strongly imply another leg down before sellers might conceivably be washed out. To be precise, the unachieved target lies at _____, a nasty fall from yesterday's settlement price of 115^02.  The bearish outlook is corroborated by the ease with which sellers punched through the midpoint sibling of the target, 118^00.  Another negative is that downside targets derived from two lower point 'A' alternatives -- labeled A1 and A2 here --  have already been exceeded.

We've been using a HiddenPivot at 112^09 as a minimum downside objective, but I'm going to lower it to _____, a Hidden Pivot that comes from the hourly chart  (where A=123^10, on May 21).  The midpoint sibling of that target, 115^15, was breached by a full point on Friday, increasing the likelihood that the target itself will be reached (although a two-day close above 115^15 would hint of a reversal). We'll switch over to the September contract tomorrow, but for your information, the equivalent targets lie respectively at _____ and  ______. 

Bulls looked powerless yesterday to reverse a downtrend that has been alleviated only by short covering for a day-and-a-half earlier in the week. The futures would need to push above _____ by week's end to suggest the Plunge Protection Team is doing its job, but otherwise they'll have their hands full just trying to keep this barge afloat.

The bearish pattern shown in the chart projects to 112^09, an implied disaster that would send yields soaring well above the levels that triggered scare headlines earlier in the week. For its part, Wall Street seemed not the least bit scared, since the broad averages have remained mixed. But if June Bonds are about to plummet to our target, that could put an end to the complacency that has contributed to, among other things, the powerful short-squeeze rally in bank stocks.

We've been tracking and forecasting the bonds higher since last Friday, when they turned from a low near an important Hidden Pivot support at 119^10. Now, having exceeded the first rally target subsequently given,

From just above a predicted low at 119^10, the futures have now rallied to within a whisker of our first important rally target, 121^28. Someone in the chat room reported booking a $400 profit on a long position taken near the lows, but it would have taken unnecessary guts to have

The futures have taken a tentative bounce from within five points of the 119^10 Hidden Pivot support that I'd flagged last week as a potentially important low. The minor uptrend that has ensued so far projects to 121^28, but the June contract would first need to get by its midpoint sibling at 121^04 to challenge the higher resistance. The less delicately this scenario unfolds, assuming

The futures are within a day's weakness of a potentially very important Hidden Pivot support at _____. I have my doubts that it will end the bear market, but it could engender the kind of bounce that will make shorts doubt, at least for a short while, that