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Futures Steady Ahead of President's Day

US TSYS

TYH4 is currently trading at 109-24+, up + 00+ from New York closing levels.

Treasury futures are little changed in Asia trading, we have remained in a very tight range as volume has stayed on the light side. There has been little in the way of Asia data, the US is out today for President's day with no Cash treasury trading.

  • Mar'24 10Y has traded in a tight range hitting a low of 109-23 in early trading before hitting a high of 109-27 as we head into Asia lunch we trade right in the middle of the range at 109-24+.
  • Looking at technicals the break lower last week has confirmed a resumption of the down trend that started Dec 27. The 110-00 handle has been cleared and sights are on 109-17 while we tested this on Friday a clear break would open 109-05+, the Nov 28 low further down we would be looking at 108-19+ (61.8% of the Oct 19 - Dec 27 bull phase). While to the upside initial firm resistance is at 111-02+, the 20-day EMA.
  • Looking head this week: President's Day today, while on Tuesday Philadelphia Fed Non-Manufacturing Activity and Leading Index (-0.1%, -0.3%). Treasury supply: $79B 13W, $70B 26W and $46B 52W bill auctions.
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