Bonds are holding at the minor projection at 121.72. Due to the underlying bearish momentum we expect a continuation towards the much more important targets at respectively 116.82 and 108.90. Note that this latter level is virtually equal to multiple pivots of 2013-2014.
We maintain our strong negative stance versus bonds. Only a recovery above 125<>125.20 can ease pressure. Such a recovery is currently unlikely.
Primary trend: negative Outlook: negative Strategy: hold short and/or short-entry bonds Support: 121.72 / 116.82* / 108.90 Resistance: 123.30 / 125.10+ Outlook cancelled/neutralized: above 125.10