Both the September t-bond futures and 10 year note futures are getting close to my downside targets at 115-04 and 111-00 respectively. This morning's rally is what I like to call "preliminary support". This is usually the rally that occurs just before the final low is made in a downtrend. If I am reading these markets correctly neither will rally more than 1/2 a box from this morning's low before turning down once more.
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