Here is an hourly chart of regular hours trading in the September T-bond futures. I last commented on this market here.
I had expected the drop from the 108-12 high to assume a three phase shape but as you can see the market has been going straight down without interruption from that high. Moreover, this morning it has been trading visibly below support at 106-04.
I must conclude that over the next day or two we shall see more downside activity which will carry to support near 105-12. After a brief rally I shall then expect continuation down to new bear market lows near the 104-00 level.
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