August 26, 2023

Eye of the Storm Podcast – Big Picture Technical Update – Treasuries – 8/26/2023 by Michael Filighera

Today’s Podcast – I review the 30 year bond, the 10 yr, 5 yr, and 2 yr notes. I have been calling for a mid term low to be in the treasuries to complete MInor 5th waves and in turn Intermediate wave A’s. The markets themselves held ground around current levels until additional information from the FED was received on Friday through Chairman Powell’s speech. Considered Hawkish by the press, the markets reacted accordingly. I updated the Elliott counts for all of the Treasuries, and added Fibonacci extensions where updating was needed. I have felt the markets were continuing to feel downward pressure (futures) and upward pressure (rates) for the last month or so. This has now come to pass as to why. The outlook for the balance of 2023 suggests continued rate hike(s) with the anticipated rally phase delayed until sometime in early 2024.