(M9) Gunpowder dry ahead of.....>

US 5YR FUTURE TECHS: (M9) Gunpowder dry ahead of the Fed

*RES 3: 115-14 50% 119-01-111-26

*RES 2: 115-122 Jan 3 ytd high

*RES 1: 115-047 Mar15 high

*PRICE: 115-002 @ 10:04 GMT, Mar 20

*SUP 1: 113-282/20 100-dma/50% 111-277-115-122

*SUP 2: 113-167 200-dma

*SUP 3: 112.20/25 Series of previous lows

The Tuesday session saw the week's lowest levels so far printed down at 114-252,

but any further downside remains muted with markets keeping their powder dry

ahead of the Wednesday Fed decision. Mar15 highs remain the target for bulls, a

level that never really came into play Monday after a more muted session.

Nonetheless, the 5-yr future's ability to hold recent gains keeps near-term

momentum pointing to the upside and a break above 115-047 would open the Jan 3

ytd high & 50% retracement level at 115-122/14. A downside break of the 50-dma

is needed to return focus to the 100-dma & 50% retracement at 113-282/20.