Bonds and 10 Year Notes

I think the next multi-point move in the bonds and notes will be downward towards the low at 115-26 in the bonds and 112-04 in the notes.

As you can see in the hourly bond chart above the September futures have nearly reached the 119-10 level which is the top of the third box in the uptrend from 115-26. I think the market will react down to the top of the first box near 117-00.

The hourly chart of the September 10 year note futures above shows that the market is stalling at the top of the third box up from the 112-04 low. I think the next move will be downward to the top of the first box near 112-24.