/ZB (and TLT) has hit the 2nd & final price target where a tradable bounce is likely. Consider booking profits and/or reversing to long for a quick bounce (bounce target shown by arrows). Previous (Monday) and updated 120-minute charts of /ZB (30-yr Treasury bond futures) below.
ZB 120m March 20th
ZB 120m March 22nd
Likewise, reversing /ZN (10-yr Treasury bond, or IEF) short to long here just a hair below support (also T2 on the 120m chart) for a quick bounce trade & revising that to the final target for the short trade. Previous (Monday) & updated 120-minute charts as well as the 15-minute chart, which helps to support the case for a bounce, below.
ZN 120m March 20th
ZN 120m March 22nd
ZN 15m March 22nd
Keep in mind that being short Treasuries for the past couple of days was an indirect (and effective) hedge to any equity index shorts, as the old “risk-off/flight-to-safety” trade with Treasury bonds moving inversely to the stock market has recently returned. As such, I suspect my “stock market sell-off leading up to the FOMC rate announcement” at 2 pm today will see the stock market selling off with Treasuries rising…. at least that’s the way I’m playing it.