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(H3)‌‌ North of 20-Day EMA

US 10YR FUTURE TECHS
  • RES 4: 114-17 76.4% retracement of the Dec 13 - 30 bear leg
  • RES 3: 114-01+ High Dec 21
  • RES 2: 114-01 1.0% 10-dma envelope
  • RES 1: 113-15+ High Dec 23
  • PRICE: 113-14 @ 12:16 GMT Jan 4
  • SUP 1: 112-12+/111-28 Intraday low / Low Dec 30
  • SUP 2: 111-27+ 61.8% retracement of the Nov 3 - Dec 13 rally
  • SUP 3: 111-01 76.4% retracement of the Nov 3 - Dec 13 rally
  • SUP 4: 110-22 Low Nov 10

Treasury futures have recovered further ahead of the Wednesday NY crossover, further working against the over-arching bearish trend condition. To cement any firmer upside breakout, markets need to top the Dec23 high at 113-15+ now that the 20-day EMA has given way. For now, short-term gains appear to be a correction. Recent weakness through a number of support points suggest scope for a continuation lower near-term. A resumption of weakness would open 111-27+ next, a Fibonacci retracement.

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