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‌‌(M2)‌‌ Fresh Cycle Lows

US 10YR FUTURE TECHS
  • RES 4: 121-24 50-day EMA
  • RES 3: 122-12+ High Apr 4
  • RES 2: 121-09 High Apr 14 and a reversal point
  • RES 1: 119-17/120-18+ 20-day EMA / High Apr 27
  • PRICE: 118-09+ @ 16:33 BST May 9
  • SUP 1: 117-08+ Intraday low
  • SUP 2: 116-28 0.764 proj of the Mar 7 - 28 - 31 price swing
  • SUP 3: 116-20 2.0% 10-dma envelope
  • SUP 4: 116.00 Round number support

Treasuries remain bearish and traded to a fresh trend low Monday. This confirms a resumption of the primary downtrend and an extension of the price sequence of lower lows and lower highs. Note that recent corrections have tended to be shallow and this also clearly highlights current bearish market sentiment. Sights are on 116-28 next, the 0.764 projection of the Mar 7 - 28 - 31 price swing. Key short-term resistance is 120-18+, Apr 27 high.

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