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Extending Session Highs

  • Treasury futures marking new session highs as bank-tied concerns accelerate safe haven buying. Jun'23 10Y futures have climbed to session high of 116-23 (+26; yield 3.3131 -.0225), still shy of overnight high of 116-25.5.
  • Key resistance for the contract is 116-30, April 5/6 high. Tuesday’s price pattern is a bullish engulfing candle and this also reinforces current conditions, highlighting bullish sentiment and signaling scope for a test of 117-01+, the Mar 24 high and bull trigger.
  • Bank shares continue to underperform: Comerica (CMA) -17.17%, Zion -14.7%, Citizens Financial (CFG) -9.7%, KeyCorp (KEY) -8.5% to name a few, weighing on SPX Eminis -41.5 at 4065.75.

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