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The iShares Barclays 20+ Year T-bond ETF (NYSE: TLT) are acting relatively strong today, the day ahead of the Employment Report. Purely from a technical perspective, all of the action off of the Feb low at 88.51 exhibits bullish form, which suggests that the net reaction (after the first 2 or 3 whipsaws) of the TLT's to the jobs data will be to the upside...
As we show in our chart, after holding key near-term support for two sessions at 90.70, today the TLTs have taken off from the support plateau, and climbed to 91.60 – in what looks technically like the start of a new upleg that should revisit the prior high at 92.06 on the way to a confrontation with the Jan-Feb double-top at 92.39/42. Could the TLTs be forecasting a disappointing Employment Report tomorrow?
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
