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(U3) Corrective Bear Leg Remains In Play

US 10YR FUTURE TECHS
  • RES 4: 113-08 High Jul 18 and a bull trigger
  • RES 3: 112-31 50-day EMA
  • RES 2: 112-17+ High Jul 24
  • RES 1: 112-07 High Jul 27
  • PRICE: 111-12+ @ 11:46 BST Jul 28
  • SUP 1: 110-25+ Intraday low
  • SUP 2: 110-13 Low Jul 7
  • SUP 3: 110-05 Low Jul 6 and the bear trigger
  • SUP 4: 109-14 Low Nov 8 2022 (cont)

Treasuries traded lower Thursday. For now, the recent bear leg appears to be a correction. However, price has traded through all relevant short-term retracement points. This highlights scope for a continuation lower that would expose the key support at 110-05, the Jul 6 low. Clearance of this support point would confirm a resumption of the medium-term downtrend. Key resistance has been defined at 113-08 high, the Jul 18 high.

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