30-Yr U.S. Treasury Bonds (US) Futures Technical Analysis – August 3, 2015 Forecast

September 30-Year U.S. Treasury Bonds finished higher for the week. On Friday, the market traded through the 155’27 main top, reaffirming the uptrend on the daily chart. It also traded through a major 50% level at 156’09 before stopping at 156’21. The subsequent close below the 50% level suggests that investors have recognized the retracement zone at 156’09 to 158’13 as potential resistance.

The first support today is the previous main top at 155’27. A sustained move under this level will suggest that Friday’s surge to 156’21 was triggered by weak buying or buy stops. The first uptrending support angles comes in at 155’21. The market could accelerate to the downside if this price is taken out with conviction with the next target another uptrending angle at 154’13.

A trade through 154’13 will be a sign that the selling is getting stronger. This could drive the market into 153’13. A trade through this level will turn the main trend to down. The next target under this price is an uptrending angle at 151’29.

Recapturing the major 50% level at 156’09 will signal the presence of buyers. There is plenty of room to the upside. If buyers can sustain the move then the Fibonacci level at 158’13 becomes the next major upside target.

The direction of the market today will be determined by trader reaction to the 50% level at 156’09.