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Market Roundup: This Indecision's Bugging Me

US TSY FUTURES
Esta indecision me molesta - Tsy futures don't know where they want to go this morning. Tsy 30Y bonds bounced off (near) overnight low of 140-05 just ahead the NY open to 140-26 a few minutes later.
  • No discernable headline driver as levels recede slightly, holding inside overnight range on light volumes: USM2 only 60k, TYM just shy of 250k at the moment.
  • Some deal-tied rate lock selling after Morgan Stanley 4pt issuance announced earlier, while overnight desks noted leverage buyers in long end during Asia hours.
  • Resumption of the primary downtrend and an extension of the bearish price sequence of lower lows and lower highs. MA studies also point south and scope is for a move towards 119-04+, Dec 3 2018 low (cont). Key short-term trend resistance is at 123-04, the Mar 31 high.
  • Cross-assets: Gold nearing $2000, currently trading 1996.0. Crude prices gaining slightly now - Libya oilfield force majeure announcement tempered by weaker demand from China due to covid lockdowns.
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