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(H4) Short-Term Bear Threat Remains Present

US 10YR FUTURE TECHS
  • RES 4: 114-06+ 2.00 proj of the Oct 19 - Nov 3 - Nov 13 price swing
  • RES 3: 114-00 Round number resistance
  • RES 2: 113-12 High Dec 27 and the bull trigger
  • RES 1: 112-26+ High Jan 12
  • PRICE: 112-18 @ 16:53 GMT Jan 12
  • SUP 1: 111-06+ Low Jan 05
  • SUP 2: 110-31+ 50-day EMA
  • SUP 3: 110-16 Low Dec 13
  • SUP 4: 109-31+ Low Dec 11 and a key short-term support

Treasuries traded sharply higher on the soft PPI release, as the contract extends the recovery from 111-06+, Jan 5 low. The extension does suggest that the recent correction lower may be over. If correct, this signals scope for a climb towards the key resistance and bull trigger at 113-12, the Dec 27 high. A break of this level would resume the uptrend and open the 114-00 handle. Key pivot support lies at 110-31+, the 50-day EMA.

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