Bonds reversed from the overnight high and are just under prior resistance at 165^08. Primary view is that we had wave (a) of ending diagonal [v] set overnight and in the early stages of wave 'a of (b)' down. First major step for bond bears is to drop under 163^15 and the daily moving averages which should catch up to the support zone tomorrow or Wednesday.

You must be logged in as a Daily Analysis or Intraday Analysis subscriber to view the rest of this post.