US Long Bonds - Early trading look

While price remains sandwiched between the gaps, it is currently probing the overhead gap. If price is to overcome the gap, it must do so with energy that matches or exceeds its formation. The 3/24 gap was formed on 8 million shares traded, so this will be no easy feat. A bullish outcome will be generated through a jump of the gap on a sign of strength (volume spike) or through attrition.

The REV indicator already shows a build up of tape energy beyond the previous swing high. This previous swing marks the formation of the overhead gap, so this development is bullish. This could very well be a hint of things to come, but I wouldn't get too excited yet. The overhead gap has yet to be cleared, and leveraged money flows need to confirm.

Bear in mind, this is all short-term noise within a deteriorating fundamental trend.

US Long Bonds ETF (TLT)