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BOND MARKET RECAP
6/4/2014
September Bonds finished down 0-060 at 135-050, 0-180 off the high and 0-060 up from the low.
September 10 Yr Treasury Notes closed down 0-035 at 124-100. This was 0-040 up from the low and 0-100 off the high.
While Treasuries waffled around both sides of unchanged today, their two-sided

price action was justified by
headlines that presented a countervailing view on the state of the US economy. The ADP results hinted at a lack
of forward momentum in the jobs sector, while the ISM Service Sector results were indicative of a growing
economy. It should be noted that the ISM Service Sector readings reached a low below 40.0 in the Sub-Prime debacle, that a 50.0 reading is the growth/no growth line and that a 61 reading is a record peak for the Index.
Therefore, seeing the recent reading of 56.3 shouldn’t be considered slow as one would seem to expect,
considering that Treasury Bonds are trading in a 135 to 138 range!
Technical Outlook
BONDS (SEP) 06/05/2014: Declining momentum studies in the neutral zone will tend to reinforce lower price
action. The close below the 9-day moving average is a negative short-term indicator for trend. It is a slightly
negative indicator that the close was lower than the pivot swing number. The next downside objective is now at
134-180. The next area of resistance is around 135-190 and 136-010, while 1st support hits today at 134-280 and below there at 134-180.
10 YR TREASURY NOTES (SEP) 06/05/2014: Stochastics trending lower at midrange will tend to reinforce a
move lower especially if support levels are taken out. The market’s short-term trend is negative as the close
remains below the 9-day moving average. It is a slightly negative indicator that the close was under the swing pivot. The next downside objective is now at 123-300. The next area of resistance is around 124-175 and 124- 255, while 1st support hits today at 124-040 and below there at 123-300.
STOCK INDICES RECAP

June S&P closed up 3.6 at 1925.7. This was 8.9 up from the low and 1.3 off the high.
June S&P E-Mini finished up 3.75 at 1925.75, 1.25 off the high and 9.75 up from the low.
June Dow finished up 5 at 16718, 12 off the high and 54 up from the low.
US equity markets entered the early morning hours under modest selling pressure and posted their low of the day
in the wake of disappointing May ADP employment report. Downside was limited on prospects that the ECB is likely to take an easier policy stance at tomorrow’s meeting. The second US data window showed ISM service
PMI figures that were in line with expectations, with the new orders component quite strong. This helped the June
S&P 500 pare its early deficit and climb into positive territory. In the meantime, there was some apprehension in the market on the part of investors pressing too hard on the upside ahead of the ECB meeting and US Non-Farm Payroll figures on Friday. There also remained some concern in the market over faltering trading volumes and low volatility. Most of the S&P sector indices were higher, led by gains in consumer discretionary and material-related shares.
Technical Outlook
S&P 500 (JUN) 06/05/2014: The rally brought the market to a new contract high. Momentum studies are trending higher but have entered overbought levels. A positive signal for trend short-term was given on a close over the 9-
bar moving average. It is a mildly bullish indicator that the market closed over the pivot swing number. The next upside objective is 1934.37. The market is approaching overbought levels with an RSI over 70. The next area of resistance is around 1931.05 and 1934.37, while 1st support hits today at 1920.35 and below there at 1912.98.
S&P E-MINI (JUN) 06/05/2014: The market made a new contract high on the rally. Studies are showing positive momentum but are now in overbought territory, so some caution is warranted. The market’s close above the 9- day moving average suggests the short-term trend remains positive. With the close higher than the pivot swing
number, the market is in a slightly bullish posture. The near-term upside target is at 1934.62. The market is
approaching overbought levels with an RSI over 70. The next area of resistance is around 1931.25 and 1934.62, while 1st support hits today at 1920.25 and below there at 1912.63.
NASDAQ (JUN) 06/05/2014: The rally brought the market to a new contract high. Momentum studies are trending higher but have entered overbought levels. A positive signal for trend short-term was given on a close over the 9- bar moving average. With the close over the 1st swing resistance number, the market is in a moderately positive
position. The near-term upside objective is at 3774.87. With a reading over 70, the 9-day RSI is approaching
overbought levels. The next area of resistance is around 3761.75 and 3774.87, while 1st support hits today at 3724.75 and below there at 3700.88.

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