Cycle Trading: Are Bonds Ready For A Rebound ?
|Bonds formed a daily swing low on Thursday.
Bonds printed their lowest point on Wednesday, follow the day 19 peak. Wednesday was day 33, which places bonds late in their timing band for a daily cycle low. So Thursday's swing low has good odds of marking the DCL. A break above the declining trend line will confirm the new daily cycle.
Bonds broke above long term resistance in late March. The decline into the pending DCL has caused bonds to back test the resistance level. Bonds are currently forming a bullish weekly reversal off of the weekly trend line. A close back above the long term resistance level should result in a trending move.
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