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Thursday, June 21st

On the economic calendar:-

08:30 Jobless Claims (Consensus 383 K - Prior 386 K)

08:58 PMI Manufacturing Index Flash (Consensus 53.8 - Prior 53.9)

10:00 Existing Home Sales (Consensus 4.57 M - Prior 4.62 M)

          Philadelphia Fed Survey (Consensus 0.5 -  Prior -5.8)

          FHFA House Price Index (Consensus 0.6% - Prior 1.8%)

          Leading Indicators (Consensus 0.0% - Prior -0.1%)

10:15 Fed Outright Treasury Coupon Purchases up to %5.25 billion

11:00 3 & 6 Month Bill Announcements

          52 Week Bill Announcement

          2, 5 and 7 Year Note Announcements

13:00 30 Year TIPS Auction

16:30 Fed Balance Sheet and Money Supply

Futures prices were relatively stable overnight, with a high at 149’00 and a low at 148’16. The 30 minute trend chart remains bearish, and will require a close above 149’03 to turn bullish.

While the trend remains bearish, look for the symmetrical target at 144’17, then the 1.27 fib extension at 142’31.

Yesterday’s low of 147’21, was right at the 78.2% retracement level at 147’20. This appears to offer significant support to any further downside attempt. This level is reinforced by price support at 147’19.

The initial rally off of the Fed announcement ran into resistance right at the 61.8% retracement at 149’09. Look for this level to continue to provide resistance to any rally attempt.

The first price support level is the above mentioned 147’19 level, with 146’28 being the next support level down. First resistance level is the 150’10 level.