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(M9) Downside in Focus.........>

US 10YR FUTURE TECHS
US 10YR FUTURE TECHS: (M9) Downside in Focus Despite Lower Equities
*RES 3: 127-26+ 61.8% 134-07+-117-13+
*RES 2: 125-26+ 50% 134-07+-117-13+
*RES 1: 124-31 Mar 27 high
*PRICE: 123-04 @ 16:12 GMT, Apr 15
*SUP 1: 122-26/02 50-dma/38.2% 117-13+-124-31
*SUP 2: 121-29+/02 100-dma/Jan 18 low
*SUP 3: 120-18+/04+ 200-dma/Dec 12-13 lows
The soft weekly close last Friday spilled over into European trade, but 10yr
futures managed to stage a minor recovery in US hours. Despite the boost from
negative equities, Friday's highs never looked under threat, keeping the onus on
the downside for now. This keeps the first downside target at the 50-dma at
122-26 and a break below here would shift the short-term outlook bearish. First
targets would then become the 50% retracement level at 122-02. On the topside
bulls need to recover last Wednesday's high at 123-29+ to reignite upside
momentum towards the March 27 high at 124-31.

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