Technical Resistance Tested, Downside Option Flow Seen

Bulls were not able to overcome the previously flagged technical resistance level in T-Notes, in the form of the 50-day EMA, with that contract now 0-03 off highs, printing +0-05+ at 132-22+. Meanwhile, cash trade saw the recent low in 10-Year yields hold firm, although that benchmark continues to trade below its 50-DMA (after breaching that metric for the first time since November). Regional participants have seemingly used the uptick to initiate downside plays/hedges, with 20.0K TYM1 131.50/130.50 put spreads lifted on block (after 20.0K TYM1 131.00/130.00 put spreads were lifted on block during Asia-Pac trade earlier this week), and 5.0K FVM1 122.25 puts lifted on screen in recent trade. Headline flow remains light.