Support Holds In The Bonds (TLT)

On October 15th, I posted about a very significant level I was watching in the bond market for TLT. If you recall I was focused on the 93.50 area which I considered to be a major support zone and as you can see in the above chart the bond market has rallied off of this level. The actual low came in at 93.55 on Tuesday.

If any of you bought the bonds earlier this week, I would use the rising channel line as a trailing stop. A close below the channel would negate the bullish outlook.