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BOND SUMMARY

EGB/Gilt: Risk-Driven Bear Steepening

US 10YR FUTURE TECHS

(U1)‌‌ Consolidating

COMMODITIES

LEVELS UPDATE: Oil down but metals higher

BUNDS

Test session low and the 172.00 figure

US 10YR FUTURE TECHS
  • RES 4: 138-05+ High Jan 4
  • RES 3: 137-29+ High Jan 6
  • RES 2: 137-21+ 76.4% retracement of the Jan 4 - 12 sell-off
  • RES 1: 137-20+ High Jan 27
  • PRICE: 137-06+ @ 15:55 GMT Feb 1
  • SUP 1: 136-28+ Low Jan 29
  • SUP 2: 136-23+ Low Jan 21
  • SUP 3: 136-16 Low Jan 14
  • SUP 4: 135-24 1.0% 10-dma Envelope

Treasuries met resistance last week at 137-20+, Jan 27 high. The outlook remains bullish, however price needs to climb above the Jan 27 high to confirm a resumption of recent gains. Friday's pullback saw prices slip below support at 136-30, the Jan 25 low, which is a warning. The level marked a key near-term support. Renewed weakness would be a concern for bulls and risk a move towards 136-23+ next, Jan 21 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com