Treasury Bonds Rebound to Close Higher
International Trading
THE TECHNIQUE OF GIVING A GOOD MASSAGE
14 years ago
Saturday, September 18, 2010
, Posted by Usman Ali Minhas at 12:58 PM
December Treasury Bonds closed higher on Friday after an early morning setback. Greater demand for risky assets helped push yields higher overnight, driving down the T-Bonds.
Treasury Bonds bottomed after a surprise decline in the Michigan Consumer Sentiment Index. This was another sign of a weakening economy. Stocks fell on the news and debt instruments rallied.
Technically, December T-Bonds found support on a Fibonacci retracement level at 129’11 and an uptrending Gann angle at 129’10. The low for the week at 129’08 also held as support.
The market has been trying to establish support in this zone. Fed buying has been helping. The chart indicates that a breakout over 131’09 will be needed to trigger an acceleration to the upside.
Monday and Tuesday could be tricky days to trade because of light volume ahead of the Federal Open Market Committee on September 21.
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