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(H2)‌‌ Gains Considered Corrective

US 10YR FUTURE TECHS
  • RES 4: 129-19 50-day EMA
  • RES 3: 129.14 High Jan 5
  • RES 2: 128-25+/27 20-day EMA / High Jan 13
  • RES 1: 128-21+ High Jan 24
  • PRICE: 128-17+ @ 16:06 GMT Jan 24
  • SUP 1: 127-28/02 Low Jan 21 / Low Jan 19 and the bear trigger
  • SUP 2: 127-00+ Low Jul 31, 2019 (cont)
  • SUP 3: 126-23 Low Jul 17, 2019 (cont)
  • SUP 4: 126-10+ 61.8% retracement of the 2018 - 2020 bull cycle

The downtrend in Treasuries remains intact. For now though, the contract has entered a corrective cycle. Key short-term resistance has been defined at 128-27, the Jan 13 high and is just above the 20-day EMA at 128-25+. A break of these two resistance points is required to suggest potential for a stronger recovery that would open 129-00 and above. A resumption of weakness would refocus attention on the bear trigger at 127-02, Jan 19 low.

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