12th March - Have US Bonds broken down?
12 March 2018
TECHNICALS:
MONTHLY CHART
The very long-term clearly defined bull trend support is close by, but yet broken.
On the other hand, there is powerful resistance above the market from the bottom of the old trading range at 122.07.
DAILY March 2018 Eurostoxx CHART
The breakdown through the bottom of that trading range which has been in place since 2014 was emphatic, and created massive overhead resistance in the band of horizontals at 122.71-123.01.
Note how there was a retest of the breakout level which was quickly repulsed.
DAILY CHART
The March 2018 future shows how the trend has been in place for rather longer than the continuation charts suggest, since mid-December. Here the rally of early February can clearly be seen to have failed very quickly.
There are few grounds for optimism for the bulls short, medium or long-term.
No fundamental analysis - John Lewis is away
Next story:
19th March - What's holding Oil back?
Previous story:
5th March - The relative vulnerability of European stocks