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DATA REACT

Solid U.S. Factory Orders

OPTIONS

Expiries for Aug04 NY cut 1000ET (Source DTCC)

USD

Finding a bid as Equities falls

BOE APF PURCHASES

Long-dated analysis

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  • RES 4: 134-19 38.2% 2020 - 2021 Sell-off
  • RES 3: 134-12+ High Feb 26 (cont)
  • RES 2: 134-06 1.618 proj of the Jun 17 - 21 - 25 price swing
  • RES 1: 134-03/04+ High Jul 8 / Bull channel top off the May 30 low
  • PRICE: 133-14+ @ 15:51 BST Jul 8
  • SUP 1: 133-06+ Low Jul 7
  • SUP 2: 132-30 High Jun 21 and recent breakout level
  • SUP 3: 132-08 Bull channel base drawn off the May 30 low
  • SUP 4: 131-24+/14 Low Jun 25 / Low Jun 17 and a key support

Treasury futures rallied Thursday, extending the bull run from the Jun lows. The week's high of 134-03 marked a test of the bull channel top drawn off the May 30 low. Thus far, the resistance has held and a break is needed to confirm the next leg higher. For bears, the bull channel has identified the upper and lower boundaries of the current uptrend. If the channel remains intact, Thursday's high could turn out to be a short-term reversal point.