As you can see the month of August has not been kind to bond prices, though the past 25 years.. and the last 6 months have been kind..the break of 166 led to the 163'16 low of today... Where is the bond cash going? not sure yet, but something is keeping the indexes bid as we consolidate.....

below 163'03-163 even could mean a drop into that lime green box you see below.. this area has not been visited since bond prices started to jump a the end of March/beginning of April 2012... clearly if the green area becomes the range the 146'12 level becomes major support... a break of that would mean 126'18....

i would be weary of a bounce around the 163 level, just as i would be aware it could fail.

weekly UB

Daily UB