Anyone monitoring the 140^14 Hidden Pivot support flagged here a while back as an all-important number might get the idea that December T-Bonds have been screwing with our heads. A promising low at 140^06 held for all of a day, but when the futures dived anew, they achieved only a slightly lower low at 140^03. The breach is not quite sufficient for us to infer that bulls are toast, but neither is the rebound strong enough yet to let them off the hook. Rather than speculate on what’s coming, let’s simply focus on the quality of this rally. For starters, it’ll need to achieve its 143^03 ‘D’ target to give bulls some breathing room.
