Thirty Year Bonds Looking for a Correction Towards the 156-158 Area 5.11.2016
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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Thirty Year Bonds Looking for a Correction Towards the 156-158 Area
Ilan Levy-Mayer | Friday, 06 May 2016 12:16 (EST)
I am looking for US Treasury bonds, also known as the 30 year bonds to correct down to 156-158 area. I am thinking that tomorrow’s monthly unemployment report may trigger this correction, or it may take a little longer or maybe not happen at all – BUT my chart seems to think there is a good possibility of a correction.
Notice the weekly chart below and the correction we had last year between February and July. I think the market right now is a on a possible break lower and a similar correction in price towards the support levels of 156-158 area.
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| Contract June 2016 | SP500 | Nasdaq100 | Dow Jones | Mini Russell | Dollar Index |
| Resistance 3 | 2120.75 | 4495.08 | 18205 | 1145.83 | 94.71 |
| Resistance 2 | 2100.25 | 4446.92 | 18035 | 1136.57 | 94.52 |
| Resistance 1 | 2089.00 | 4420.08 | 17946 | 1131.43 | 94.39 |
| Pivot | 2068.50 | 4371.92 | 17776 | 1122.17 | 94.20 |
| Support 1 | 2057.25 | 4345.08 | 17687 | 1117.03 | 94.07 |
| Support 2 | 2036.75 | 4296.92 | 17517 | 1107.77 | 93.88 |
| Support 3 | 2025.50 | 4270.08 | 17428 | 1102.63 | 93.75 |
| Contract | June Gold | July Silver | June Crude Oil | June Bonds | June Euro |
| Resistance 3 | 1287.5 | 17.50 | 47.08 | 166 13/32 | 1.1463 |
| Resistance 2 | 1279.8 | 17.35 | 45.93 | 166 5/32 | 1.1442 |
| Resistance 1 | 1273.8 | 17.24 | 45.32 | 165 29/32 | 1.1411 |
| Pivot | 1266.1 | 17.08 | 44.17 | 165 21/32 | 1.1391 |
| Support 1 | 1260.1 | 16.97 | 43.56 | 165 13/32 | 1.1360 |
| Support 2 | 1252.4 | 16.82 | 42.41 | 165 5/32 | 1.1339 |
| Support 3 | 1246.4 | 16.71 | 41.80 | 164 29/32 | 1.1308 |
| Contract | July Corn | July Wheat | July Beans | July SoyMeal | June Nat Gas |
| Resistance 3 | 406.3 | 481.8 | 1159.17 | 387.30 | 2.28 |
| Resistance 2 | 396.2 | 475.3 | 1125.33 | 373.50 | 2.22 |
| Resistance 1 | 388.6 | 468.3 | 1104.67 | 366.60 | 2.19 |
| Pivot | 378.4 | 461.8 | 1070.83 | 352.80 | 2.14 |
| Support 1 | 370.8 | 454.8 | 1050.2 | 345.9 | 2.1 |
| Support 2 | 360.7 | 448.3 | 1016.33 | 332.10 | 2.06 |
| Support 3 | 353.1 | 441.3 | 995.67 | 325.20 | 2.03 |
Economic Reports
source:http://www.forexfactory.com/calendar.php
All times are Eastern time Zone (EST)
| Date | 4:00pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
|---|---|---|---|---|---|---|---|---|---|
| WedMay 11 | 4:30am | GBP | Manufacturing Production m/m | 0.4% | -1.1% | ||||
| GBP | Industrial Production m/m | 0.7% | -0.3% | ||||||
| 10:00am | GBP | NIESR GDP Estimate | 0.3% | ||||||
| 11th-13th | USD | Mortgage Delinquencies | 4.77% | ||||||
| 10:30am | USD | Crude Oil Inventories | 2.8M | ||||||
| 1:01pm | USD | 10-y Bond Auction | 1.77|2.8 | ||||||
| 2:00pm | USD | Federal Budget Balance | 116.2B | -108.0B | |||||
| 7:01pm | GBP | RICS House Price Balance | 38% | 42% |
