Bonds Gain as Stocks Sell Off

Dec 17, 2021

Bonds have picked up as stocks have sold off due to increased risk sentiment. We have edged up to 131'02, the technical level we discussed yesterday. The Kovach OBV has picked up significantly, but is starting to level off as ZN finds value in the low 131 handle. We are gradually trekking up in a zig zag pattern, but will face resistance at the next technical level at 131'12. This is a relative high for December which will be difficult to break as we enter the holiday week for Christmas next week. We should have support from below at 130'26 and 130'19.