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Quick Reversal After Climbing to Session Highs

US TSY FUTURES
  • Treasury curves moving steeper as short end rates quietly lead way off session lows since this morning's lower than expected December reading of Chicago PMI: 46.9 vs. 50.0 est, 55.8 prior.
  • Quick reversal last couple minutes - no headline or Block/cross related trigger as yet. Traders loosely citing month end flow as volumes in TYH4 spike to over 1M from roughly 700k.
  • March'24 10Y (TYH4) were trading 112-27.5 (-1) -- have fall back to 112-21.5, still well within technical levels: Initial technical support well below at 111-31+/111-20 (Low Dec 14 / 20-day EMA); resistance above at 113-12.5, a Fibonacci projection point (1.764 proj of the Oct 19 - Nov 3 - Nov 13 price swing).
  • CME Group trading floor closes at 1300ET (1400ET cash) Friday for the New Years Holiday, while Globex closes at it's normal time of 1600ET (re-open at 1600ET next Monday instead of normal Sunday open).
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