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Bear Cycle Extends

US 10YR FUTURE TECHS
  • RES 4: 117-14+ High Aug 29 / 30 2022 (cont)
  • RES 3: 117-01+ High Mar 24 and bull trigger
  • RES 2: 116-30 High Apr 5 / 6
  • RES 1: 116-08 High Apr 12
  • PRICE: 114-21+ @ 11:14 BST Apr 17
  • SUP 1: 114-14 50-day EMA
  • SUP 2: 114-07 Low Mar 29 and 30 and a key support
  • SUP 3: 113-26 Low Mar 22
  • SUP 4: 113-23 50.0% retracement of the Mar 3 - 24 bull run

Treasury futures are trading lower, extending last week’s bear cycle that resulted in a break of the 20-day EMA at 115-05. Attention is on 114-15, the 50-day EMA and 114-07, the Mar 29, 30 low. Clearance of this support zone would strengthen any developing bearish threat and expose 113.23, a Fibonacci retracement. The move lower - for now - is considered corrective. A break of 116-08, the Apr 12 high, would be seen as a bullish development.

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