TBT Big Picture: Probing Key Breakout Resistance
TBT (Longer Term YIELD)-- My big picture chart shows the huge rounded base formation that is probing key breakout resistance in the vicinity of 39.00 to 39.86, which when hurdled, will point TBT towards a next target zone of 42.00 to 44.00.
In the nearer term, last Friday's "simple" downside reversal appears to have initiated a pullback that will find support from 38.40 down to 38.00, which represents the first zone from where I will be expecting an upside reversal that resumes the dominant multi-month uptrend. Last is 38.98/99
Keep in mind, that on Wednesday afternoon, the FOMC Minutes will be released, which is the next potential directional catalyst ... MJP