The should test 3,100. But it is in the Sell Zone. In the next couple months, it will more likely retrace about half of the 2 month rally than break to a new all-time high.
The bond futures monthly chart has consecutive inside bars after a reversal down from an extreme buy climax. Although the upside is limited, if there is a selloff, it will probably be gradual.
The Forex market triggered an ioi buy signal this month on the monthly chart. However, it is still below the 20 month EMA, as it has been for 2 years. The bulls need strong follow-through buying next month to convince traders that the bear trend is reversing up into a bull trend.
Treasury Bond futures monthly chart:
ii Breakout Mode after buy climax
The 30 year Treasury bond futures reversed down on the monthly chart at the end of March after a 3 month buy climax. It was the most extreme buy climax in the history of the bond market.
Bond futures on the weekly chart (not shown) have been in…