The bonds and 10 year notes dropped below what I thought would be short term support as cited in this morning’s guesstimate. Above you see hourly charts of both markets. I have shown new boxes for the drop from the June 3 top. These boxes are 60 ticks high in the bonds and 43 ticks high in the notes.
Both markets should hold the bottom of the second box down and then begin a substantial rally. These support levels are 115-27 in the bonds and 111-31 in the notes.