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Thursday’s US Treasury Bond Outlook
By FastBrokers on March 5, 2009 | More Posts By FastBrokers | Author's Website
The 30 Year T-Bond futures manage to stay above February lows yesterday (Wednesday) and are strengthening Thursday morning as U.S. equities look to open the session lower. Surprisingly, the 30 Year futures remained afloat on Wednesday despite surging equities. One may have expected the opposite considering the usual negative correlation between the two investment vehicles. Hence, the 30 Year futures may be oversold, and are consequently due for a near-term rally.
Therefore, we are positive on the 30 Year right now with a possible retest of our 2nd tier downtrend line.
On the flipside, if the futures do in fact drop beneath February lows, we anticipate a heightened near-term selloff. Fundamentally, we hold our resistance of 125.75 with 2nd tier and bottom-end hanging at 126.64 and 127.25, respectively.
To the downside, we maintain supports of 124.98 and 124.36. The 30 Year Treasury Bond futures are currently trading at 125 27.0.
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