10-Year Treasury Notes: Note the levels didn’t change…while this pivot IS crucial for next direction, confirmation of a move away from it comes above 129.13 (bulls) or below 128.125 (bears). US 5-Year Treasury Note: The pivot is directional…note late Thursday trade nosed thru it…if the bulls HOLD it they can go after 122.205 next. Trade thru 121.31 can re-test the lows. S&P500 Stock Index: 1630.25 SHOULD be a chop – but as long as trade stays above this pivot we need to give the bulls the chance to take trade thru 1649.25 (and get the market much more bullish). Do NOT get caught long below 1610.50.