Friday’s decisive push past a major Hidden Pivot midpoint resistance at 158^27 has put a 165^29 target in play. This would complete a bullish pattern begun in mid-July that is itself part of a powerful bull-market phase that began in 2011. If the futures were to surpass 165^29 by 1.00 point or more within a week of first touching that price, I’d infer they were on their way to 171^01. If the lower number (165^29) is achieved, that would correspond to a fall in long-term interest rates to about 2.476% from a current 2.826%. The 171^01 target would correspond to a rate in the 30-year of about 1.639%.
