Posted on 8/29/2017 7:58 AM by Dave Toth
SEP 10-Yr T-NOTES
Overnight’s obliteration of the entire 126.30-area that has capped this market since early-Jun negates any and all previous bearish counts and resurrects what we believe is a major bear market correction from Mar’s 122.20 low. The 240-min chart below details not only higher prices, but ACCELERATED gains that should not surprise by their continuance and CONTINUED ACCELERATION.
Today’s rally leaves yesterday morning’s 126.26 low in its wake as the latest smaller-degree corrective low and new short-term risk parameter this market is now MINIMALLY required to fail below to even defer, let alone threaten a bullish count. Former 126.30-area resistance is considered new near-term support. But given the accelerated nature of overnight’s rally, we wonder if this market will even come close to that 126.30-area now.