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US 10YR FUTURE TECHS: (M9) 50-dma Proves Inconsequential
*RES 3: 125-26+ 50% 134-07+-117-13+
*RES 2: 124-31 Mar 27 high
*RES 1: 123-29+ Apr 10 high
*PRICE: 123-10+ @ 17:18 GMT, May 3
*SUP 1: 122-12+ 100-dma
*SUP 2: 122-02/121-02 38.2% 117-13+-124-31/Jan 18 low
*SUP 3: 120-25/04+ 200-dma/Dec 12-13 lows
Disappointing average hourly earnings numbers twinned with dovish tones from key
Fed members Friday helped boost Treasury futures across the curve. Thursday's
highs remain untouched for now, but concern that a break below the 50-dma would
trigger a spell of sales proved unfounded. Bears need to press 10-yr futures
below 122-20/25 to signal further losses. Below here opens the 100-dma & 38.2%
retracement level at 122-12+/02. Bulls need to recover the Thursday high at
123-21, before returning the focus to the 124-00/05 zone, ahead of the Mar 27
high at 124-31.