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Post-ADP React

US TSY FUTURES
  • Tsy futures extend lows after higher than expected ADP Employment Change data (164k vs 125k est). Mar'24 10Y trades 112-01 (-15.5) before bouncing back to 112-03.5, 10Y yield currently 3.9686% +.0524.
  • Well within technical levels: support at 111-31+/111-23+ (Low Dec 14 / 20-day EMA); resistance well above at 113-12+ 1.764 proj of the Oct 19 - Nov 3 - Nov 13 price swing.
  • Next up: Initial Jobless and Continuing Claims at 0830ET followed by S&P Global US Services/Composite PMIs at 0945ET.

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