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Bear Cycle Resumes With Fresh YTD Lows

US 10YR FUTURE TECHS
  • RES 4: 112-00 Round number resistance
  • RES 3: 111-21+ High Feb 5
  • RES 2: 110-31+ 20-day EMA
  • RES 1: 110-17+ High Feb 15
  • PRICE: 109-15 @ 16:57 GMT Feb 21
  • SUP 1: 109-10 Low Feb 22
  • SUP 2: 109-05+ Low Nov 28
  • SUP 3: 108-19+ 61.8% of the Oct 19 - Dec 27 bull phase
  • SUP 4: 108-14 Low Nov 15

Solid PMI data and a surge in US equities worked against Treasury prices Thursday, pressing Treasuries to 109-10, a new YTD low. The latest downleg affirms a resumption of the downtrend posted off the early February high, opening losses toward the late November lows of 109-05+. The 110-00 handle has been solidly cleared, with 109-17 support giving way into the close. Initial firm resistance is at 110-25+, the 20-day EMA.

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