‌‌(M1)‌‌ NFP Surge Short Lived

• RES 4: 134-15 100-dma
• RES 3: 134-06+ High Feb 25
• RES 2: 133-23 High Mar 2
• RES 1: 133-16 Post-NFP High May 7
• PRICE: 132-18+ @ 16:55 BST May 7
• SUP 1: 131-18+ Low Apr 29
• SUP 2: 131-12 Low Apr 13 and key near-term support
• SUP 3: 131-03+ Low Apr 6
• SUP 4: 130-25+ Low Apr 5 and the bear trigger

US 10y futures surged higher Friday on the lower-than-expected payrolls release, with prices lurching above near-term resistance to touch 133-16. The move was short-lived, however, with prices returning to broadly pre-data levels within just a few hours. The recent inability recently to clear the EMA has highlighted a bearish threat. A pullback would signal scope for a test of 131-12, Apr 13 low where a break would expose key support and the trend low of 130-25+, Apr 5 low. For bulls, markets need to solidify recent gains to reinstate a bullish theme and close north of the 133-00 handle.