Treasury bond futures are targeting an important support level at a time when many traders are watching for the final top of the long bull market. The sharp bond selloff of July 27 completed an impressive impulse wave down from an all-time high, and subsequent trading gives us a ‘D’ target of 148^6. Important prior lows in the range from 148 down to 146 constitute a support zone whose breach might signal that the bull-market top is in. Traders expecting the support to hold can look to get long near the ‘D’ target or to buy the bond ETF with ticker TLT around the 125.49 level. (Posted by Doug “harry” McLagan)
