Did Bonds just hit a near-term bottom in price?
Mortgage Market Guide

Did Bonds just hit a near-term bottom in price?

Maybe. It has been a rough week for Bonds, but seeing prices off the worst levels and remaining above support after a recent downtrend could mean prices are ripe to recover some.

Before advising clients to float and go on vacation - there are some caveats. First, we need some positive confirmation tomorrow with at least a sideways or higher pattern to confirm the close above support.

At the same time, even if prices do move sideways or even higher - take a look at the Falling Resistance provided by 50-day Moving Average (the Purple Line). That moving average stopped the previous rally in Bonds dead in its tracks. It may likely do it again.

You might want to tell clients who were unable to lock over the past few days, to consider floating - but be prepared to lock for the previously mentioned reasons.


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