Contrary to my expectation expressed earlier this morning both the September T-bond futures and 10 year note futures broke below yesterday's lows. The bonds actually dropped a bit below my original downside target at 115-04. The notes so far got within 4 ticks of the original downside target at 111-00.
I think both markets are on the verge of a big rally and won't go more than a few ticks below these downside targets. These targets are the bottom of the current price boxes for the trend down from the June 27 top.
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