T-Bond ETF Forecasting Weak Jobs Report?

The iShares Barclays 20+ Year T-bond ETF (NYSE: TLT) are acting relatively strong today, the day ahead of the Employment Report. Purely from a technical perspective, all of the action off of the Feb low at 88.51 exhibits bullish form, which suggests that the net reaction (after the first 2 or 3 whipsaws) of the TLT's to the jobs data will be to the upside...

As we show in our chart, after holding key near-term support for two sessions at 90.70, today the TLTs have taken off from the support plateau, and climbed to 91.60 – in what looks technically like the start of a new upleg that should revisit the prior high at 92.06 on the way to a confrontation with the Jan-Feb double-top at 92.39/42. Could the TLTs be forecasting a disappointing Employment Report tomorrow?