30-Yr U.S. Treasury Bonds (US) Futures Technical Analysis – August 4, 2015 Forecast

September 30-Year U.S. Treasury Bonds are trading flat shortly before the cash market opening. Yesterday’s surge and strong close gives the market an early upside bias, but there hasn’t been a follow-through to the upside.

If there is a follow-through rally then look for the move to extend into the major Fibonacci level at 158’13. If upside momentum increases then 159’00 becomes the next target.

The nearest downside target is a major 50% level at 156’10. This is followed by a steep uptrending angle at 156’05. Additional support targets are 155’27 and 154’29.

The key number to watch today is yesterday’s high at 157’30. Aggressive buyers are either going to take out this price and extend the rally into 158’13, or long traders are going to begin squaring up positions ahead of Friday’s U.S. Non-Farm Payrolls report.

The direction of the market today will be determined by trader reaction to 157’30.