We can see a tremendous increase in the number of bonds pushed out. This is killing the price as major buyers like the Chinese and Korean pension funds are pulling back and decreasing their purchases. Even though the Yuan is tied to the dollar, the chinese are buying less and less.
t does not appear to be computerized or algorithms trading based on the price action we have studied. Something is holding up the bid. Once this bid pulls back, we believe there is a high probability that the market may again test the 878.94 level in the SPX, which would be the fourth recent time. We also believe that there is a high probability to break this technical level shortly.
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