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(U3) Corrective Bounce

US 10YR FUTURE TECHS
  • RES 4: 111-29 High Aug 10
  • RES 3: 111-16 50-day EMA
  • RES 2: 110-29 High Aug 11
  • RES 1: 110-11 20-day EMA
  • PRICE: 109-26+ @ 11:11 BST Aug 24
  • SUP 1: 108-28/26+ Low Aug 22 / Low Oct 21 2022 (cont)
  • SUP 2: 108-12 1.00 proj of the Jul 18 - Aug 4 - Aug 10 price swing
  • SUP 3: 107-22 2.0% 10-dma envelope
  • SUP 4: 107.17 1.236 proj of the Jul 18 - Aug 4 - Aug 10 price swing

The trend direction in Treasuries remains down and yesterday’s strong rally is considered corrective for now. The recent break of 109.24, the Aug 4 low, confirmed a continuation of the downtrend. Note too that moving average studies are in a bear-mode position, highlighting current market sentiment. The focus is on 108.12, a Fibonacci projection. Firm resistance is 110-09, the 20-day EMA. Gains are considered corrective.

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