Adjusted on: 10/18
Comments: Bonds: I’ll try to AVOID trading between 146.16-09. Trade above 146.16 takes sell pressure off the market. Trade is MORE bearish below 146.09 and will test 145.02. 10s: Until the bulls get trade above 132.16 we need to favor the sell-side. (132.26 is also very important for market direction). Trade is very weak below 131.18; a failure of 131.10 (watch for a bad chop there) targets 131.025. 5s: Until the bulls get at least 124.105 we need to favor the bears. Weakness WANTS to print 123.085; be careful fading 123.18. SPs: NOTE how across ALL markets the pivots didn’t really change… continued weakness at 1436.50 -or a hold below 41.50 AFTER printing 36.50 – is bearish. Give trade above 67.50 a chance to test 91.50. The REAL keys to the market are 91.50 and 1431.