The 30 Year T-Bond futures certainly recovered yesterday, putting on an impressive show. The 30 Year futures shot back above our uptrend line, logging huge gains despite slight gains in the S&P. However, the 30 Year futures are turning back from our 2nd tier downtrend line on Thursday.

Therefore, the futures may bobble between our uptrend and 2nd tier downtrend lines until the S&P futures make up their mind. Investors are uncertain whether to commit to the rally taking place on Wall Street. If equities should head south we could see the 30 Year futures pop above the 2nd tier downtrend line and test March highs.

However, the downtrend is certainly proving to be a formidable foe and the battle to the upside has its challenges. Fundamentally, we see resistance of 127.91 with 2nd tier and top-end hanging at 128.562 and 129.172, respectively. To the downside, we find supports of 127.422, 127.016, 126.641, and 126.078. The 30 Year Treasury Bond futures are currently trading at 127 14.5.

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