Its make-your-mind-up time this week on the 30-year US Bonds. They have been in a range for the past year; with the FED raising interest rates one would think Bonds would sell off, but the opposite is happening, suggesting the market does not expect another rate raise for some time.
So let’s look at the charts.
US Bonds Weekly Chart
As you can see, the price touched the upper Trend line on Friday and closed at its highs. Also the volume has seen buying for the last 6 weeks supporting this price move. However, there is overhead resistance to break through on the daily.
US Bonds Daily Chart
Hawkeye Zones clearly show resistance all the way up to 163, and buying volume is accumulating. So if these Hawkeye Zones are breached, its off to the races, and if it stalls out and breaks under 153 a downtrend will be in place.
An interesting week ahead with all the turmoil in the markets. Let’s look to Bonds for a great trading opportunity.
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[The cyan arrows and red lines are for illustration only and do not form part of the software]