The typical Daily Update includes charts and forecasts for the S&P 500, Dollar Index, Euro futures, 30-year bond futures, crude oil futures, and gold futures.
Bonds drifted lower a little lower toward support at 137^25 today. Once over 138^17 again, the short term goal should be to rise to 139^08 or 139^25 to put the finishing touches on wave ii.
Bonds have moved a little higher this morning after testing initial support at 138^03 but think it best not to be too eager as a test of 137^24 in a deeper [B] is possible. Once [B] is set, the main target area for [C] of ii is 139^17 to 139^26.
It would be nice to have bonds higher near the daily moving averages before the end of wave ii. However, the dominate short daily cycle is nearing a high and also have the Lomb Periodogram forecasting a cycle high. Perhaps best to have a short bias while under 138^17.
Bonds would look better with more of a bounce to the 139^26 area.
Bonds may still drift a little more sideways before climbing to 139^08 to 139^25 to reach the first good target zone for wave ii.
Expect bonds to continue rising so as to test 139^26 next week.
Bonds can use a another couple days consolidating before running up to test 139^08 or 139^25 for the first serious wave ii candidate.
Bonds behaving well so far as they came in contact with next resist at 138^18. A bit of sideways would be fine before breaking over resist toward next target of 139^26.
Bonds had a small retrace intraday and have since pushed up to test next resist at 138^17. I'm not sure how firm that resist will be. Often there is a small stutter before pushing to the next resist at 139^25 which is a .382 retrace. In this case, I wouldn't be too surprised if prices just punched past it.
Bonds are retracing a bit from the test of 137^24. Will be watching for a higher low to develop today or tomorrow morning and an advance to test 138^18. 137^10 is minor support but should be open to a deeper retrace to test 137^01 to 136^27.