In last week’s First Steps, we discussed how bonds had established a daily uptrend and were approaching resistance at the declining 50 day MA.
Bonds consolidated beneath the 50 day MA before closing above it on Wednesday. Thursday’s bullish follow-through extended the advance, providing further evidence that bonds may be turning the corner.
Bonds are now stretched above the 10 day MA, which could lead to a period of consolidation as the moving average catches up.
The daily uptrend remains intact.
The longer-term bonds chart continues to show signs of a developing turn.
I will discuss what these developments could mean for the intermediate and longer-term cycles in The Weekend Report.
Previous Posts in the Bonds Series
- September 14 — Alignment in Bonds: When Timing Meets Support
- September 24 — Are Bonds Setting a Bear Trap?
- October 3 — The First Sign of a Bond Turn?
- October 13 — Are Bonds Setting a Bear Trap? — Update
- October 15 — First Steps
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