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Comments From Charles:
The Bond traded to the lower edge of the P on the F1 charts and support held. The bracketed market continues. The ES conversely traded to the top of its b and resistance held. There was a spate of bad economic news OVN and early in the day session. This news brought in selling in the ES and buying in the Bond. The Bond’s strength carried into the post day session trading w/new intraday highs made at 118-16. The Bond is pointed higher w/out news. As long as the news supports a weakening economy we want to be long the Bond. No news on Monday to impact the trading. Will assume the ES’s continued reaction to negative news will set the direction for the Bond on Monday.
F 1 Comments: The bottom of the bracket held and the Bond reversed to close in the middle of the bracket. The market’s bias remains a bracketed market. It is set to retest resistance at 119-07/12.
F2 Comments: The selling dictated by Thursday’s sharp break to 117-06/10 was satisfied in the OVN session and the retest of support at 117-06/08. When the ES weakened, the Bond strengthened and this buying continued into the Bond’s close. The Bond is pointed higher as long as the economic news remains soft to negative. No news to drive the trading on Monday. We want to buy early weakness, if the ES is sideways to lower and see id 118-20/24 can be taken out. May have to pay up and enter the market against 118—08. Preferred buy zone is 118-01/05. Exit this trade, if 118-20/24 is rejected. If 118-20/24 is rejected, OK to get short with a cover, if 118-00/04 holds.
F 3 Comments: Analysis was to be a seller first w/a reverse, if 117-04/08 holds. The low was 117-06 and it did hold. Rest of the day was up. Multiple trades on either side of the market.Volume Wieghted Support and Resistance Numbers for Monday, Jan 14th:
