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Treasury Futures Little Changed, Yields 1-2bps Lower, UofM Sentiment Later

US TSYS
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  • Jun'24 futures edged slightly higher in the morning session hitting highs of 108-07+, before paring most of those gains to trade up + 01 at 108-04+. 10Y futures have touched oversold territory, with the 14-day RSI now hovering at 30, levels we have not seen since Oct 2023 when the 10y yield hit 5%, while 5Y futures are now trading below the 30 mark.
  • Looking at technical levels: Initial support lays at 108-00 (round number support), below here 107-26+ 2.382 (proj of Dec 27 - Jan 19 - Feb 1 price swing), while a break here would open a move to 107-07+ (76.4% of the Oct - Dec ‘23 bull leg). While to the upside resistance holds at 109-02/26+ (Apr 8 low / Apr 10 high), a break back above here would open up 110-06 (Apr 4 high)
  • Cash Treasury curve is slightly steeper today with yields 1-3bps lower, the 2Y yield is -2bps at 4.941%, 10Y -1.8bp to 4.569%, while the 2y10y is +0.104 at -37.542.
  • (Bloomberg) Bonds Are Data Dependent Too as Yields March Higher (See link)
  • Looking Ahead: Import Price Index, U. of Mich. Sentiment later tonight & Fed Speak
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  • Jun'24 futures edged slightly higher in the morning session hitting highs of 108-07+, before paring most of those gains to trade up + 01 at 108-04+. 10Y futures have touched oversold territory, with the 14-day RSI now hovering at 30, levels we have not seen since Oct 2023 when the 10y yield hit 5%, while 5Y futures are now trading below the 30 mark.
  • Looking at technical levels: Initial support lays at 108-00 (round number support), below here 107-26+ 2.382 (proj of Dec 27 - Jan 19 - Feb 1 price swing), while a break here would open a move to 107-07+ (76.4% of the Oct - Dec ‘23 bull leg). While to the upside resistance holds at 109-02/26+ (Apr 8 low / Apr 10 high), a break back above here would open up 110-06 (Apr 4 high)
  • Cash Treasury curve is slightly steeper today with yields 1-3bps lower, the 2Y yield is -2bps at 4.941%, 10Y -1.8bp to 4.569%, while the 2y10y is +0.104 at -37.542.
  • (Bloomberg) Bonds Are Data Dependent Too as Yields March Higher (See link)
  • Looking Ahead: Import Price Index, U. of Mich. Sentiment later tonight & Fed Speak