Notice all of the gap-UP green circles. I count 26 gap UPs versus 10 gap downs.
This market has had a tremendous amount of "short-squeeze" to rally up to these levels.
Also, the recent European market turmoil has led to "flight to safety" buying of US Treasuries.
Notice how the rally pattern is indicative of a "euphoria for bonds".
Any economic news could send this market into a tail-spin.
Target 114.50-112.75 by June.
Stop loss 3 average ranges.
Ideal entry: Friday on a rally into the gap.
Technical Tim, Thursday
May 10, 2012 10:29AM EST 117.92 last