The Day Ahead: AM Edition 2022-08-02
A relief rally in stocks and drop in bonds over uneventful Pelosi arrival
Bonds
Last night I posited a path for bonds that would treat this advance from June 16th as a higher degree fourth wave. I’m keeping the prior wave [IV] count on the intraday chart for now though I did add a notation for iv as an alternate. We can decide on the degree of this bounce after we see how hard they sell at some point in the future. Right now it is a promising drop away from145^19 that is just above a support zone of 142^30 to 1142^19. I very much would like to pound the table to sell but probably better to see that support break first before shopping for a short. Whether [IV] or iv, there should be plenty of movement lower over the next several weeks if either count is operational.
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