The Day Ahead: PM Edition 2019-08-22

Bonds finally came through with falling away from 165^08 and are now nearing first support at 162^31. Prefer first support fail and test 161^23 but probably smart to manage if short. Expect bulls to try to bounce it up from one of the two supports.

The Day Ahead: PM Edition 2019-08-20

Bonds for the most part traded in the range from yesterday. 165^08 held as resist today and likely will tomorrow as well, up until the 14:00 FOMC minutes anyway. At that point, they either decide to press over and try for a modest new high, not crazy about this option but possible, or reject 165^08 and drop to test 162^31 or 161^23 and the daily moving averages.

The Day Ahead: PM Edition 2019-08-19

The drop under 165^08 means at a minimum a small degree fourth is forming before pushing to yet another swing high. Support for wave (IV) at 162^31 and 161^23. Under 161^23 would be confirmation that wave ‘a of (b) of ending diagonal [v]’ lower is taking place.