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(H2)‌‌ Trend Needle Still Points South

US 10YR FUTURE TECHS
  • RES 4: 131-19 High Dec 20 and key resistance
  • RES 3: 130-18+/28+ High Dec 31 / High Dec 22
  • RES 2: 129-31 Low Dec 8 and a recent breakout level
  • RES 1: 129-00/22 High Jan 6 / 20-day EMA
  • PRICE: 128-08+ @ 16:25 GMT Jan 11
  • SUP 1: 127-30 1.764 proj of the Dec 20 - 29 - 31 price swing
  • SUP 2: 127-18+ 2.00 proj of the Dec 20 - 29 - 31 price swing
  • SUP 3: 127-07 2.236 proj of the Dec 20 - 29 - 31 price swing
  • SUP 4: 127-00 Round number support

Treasuries remain soft and futures are trading closer to recent lows. A clear bearish price sequence of lower lows and lower highs, on a daily basis, continues to reinforce the current sentiment and signals scope for further weakness. The moving average set-up is in bear mode and this also highlights current bearish conditions. Initial resistance is seen at 129-00, the Jan 6 high. The focus is on 127-18+ next, a Fibonacci projection.

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