October 02, 2024 10:14 GMT
EQUITY TECHS: (Z4) Corrective Cycle
EQUITY TECHS
- RES 4: 116-07 1.764 proj of the Aug 8 - 21 - Sep 3
- RES 3: 116-00 Round number resistance
- RES 2: 115-31+ 1.618 proj of the Aug 8 - 21 - Sep 3
- RES 1: 115-02+/23+ High Sep 19 / 11 and the bull trigger
- PRICE: 114-25+ @ 16:46 BST Oct 1
- SUP 1: 114-07 Low Sep 26
- SUP 2: 114-00+ Low Sep 4
- SUP 3: 113-29 50-day EMA
- SUP 4: 113-12 Low Sep 3 and a key support
Treasuries are in consolidation mode. The bear cycle that started on Sep 11, still appears to be a correction. The trend condition is bullish and moving average studies are in a bull-mode set-up. The contract has pierced the 20-day EMA. A clear break of this average would signal scope for a deeper retracement, towards 113-29, the 50-day EMA. For bulls, a resumption of gains would refocus attention on 115-24+, the Sep 11 high and a bull trigger.
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