On Tuesday the Ten-Year Notes made a high for 2010 and are projecting up to a tradeable “D” target of 118^17.  After making a low in early April, the notes have worked their way back up and then some, making new highs for the year.  Some observers are making adjustments to their forecasts, to the effect that rates at the long end of the Treasury curve need to probe for a near-term low.  This means higher prices for the securities, and we favor the “D” target of the newly confirmed pattern shown on the chart over its sibling midpoint of 117^23.  Traders should risk no more than $100 per contract on either pivot.  There is a similar pattern in the Bonds which pivoteers can analyze, though we think the Ten-Year pattern looks better. (Posted by Doug McLagan)  _______ UPDATE (May 4, 10:58 p.m. EDT):  The futures have been hovering not far below our “D” target of 118^17 for a number of hours now.  Due to the relatively small size of the pattern, we reiterate that no more than $100 per contract should be at stake in a shorting attempt. _______ FURTHER UPDATE (May 5, 10:06 a.m. EDT):  After a fleeting pullback from 118^16 to 118^13, the futures powered quickly higher through our target.  The rally on the long end of the Treasury curve is spectacular, on an eventful trading day.