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Reversing Support Into London Close/Month End

US TSY FUTURES
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Both US Treasuries and equity markets have reversed course in the last few minutes, no obvious headline drivers, trading desks citing knock-on pressure as London markets close, combination of late position squaring into month-end and hedging ahead of the French elections.
  • Treasury futures are extending lows: TYU4 taps 109-29.5 (-10.5) -- attention is on a firm short-term support at 109-26+, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement, towards 109-00+, the Jun 10 low.
  • Curves bear steepening: 2s10s +4.877 at -37.883, 5s30s +3.635 at 16.296.
  • Still higher, stocks have pared gains after marking new cycle highs. Currently:
    • DJIA up 106.41 points (0.27%) at 39271.25
    • S&P E-Mini Future up 12 points (0.22%) at 5558
    • Nasdaq up 39.2 points (0.2%) at 17896.58
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Both US Treasuries and equity markets have reversed course in the last few minutes, no obvious headline drivers, trading desks citing knock-on pressure as London markets close, combination of late position squaring into month-end and hedging ahead of the French elections.
  • Treasury futures are extending lows: TYU4 taps 109-29.5 (-10.5) -- attention is on a firm short-term support at 109-26+, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement, towards 109-00+, the Jun 10 low.
  • Curves bear steepening: 2s10s +4.877 at -37.883, 5s30s +3.635 at 16.296.
  • Still higher, stocks have pared gains after marking new cycle highs. Currently:
    • DJIA up 106.41 points (0.27%) at 39271.25
    • S&P E-Mini Future up 12 points (0.22%) at 5558
    • Nasdaq up 39.2 points (0.2%) at 17896.58