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(U3) Corrective Cycle Extends

US 10YR FUTURE TECHS
  • RES 4: 113-08 High Jul 18 and a bull trigger
  • RES 3: 112-31 High Jul 20
  • RES 2: 112-15+ 50-day EMA
  • RES 1: 111-18+/112-07 20-day EMA / High Jul 27
  • PRICE: 111-13+ @ 16:52 BST Aug 8
  • SUP 1: 110-23/109-24 Low Aug 7 / 4 and the bear trigger
  • SUP 2: 109-14 Low Nov 8 2022 (cont)
  • SUP 3: 109-10+ Low Nov 4 2022 (cont)
  • SUP 4: 108-26+ Low Oct 21 2022 (cont) and a major support

The trend condition in Treasuries remains bearish, however, a bullish corrective cycle remains in play and price traded higher Tuesday. Resistance to watch is 111-18+, the 20-day EMA - a level tested on Tuesday. A clear break of this average would signal scope for a stronger recovery and potentially expose the 50-day EMA, at 112-15+. The bear trigger has been defined at 109-24, the Aug 4 low. A break would resume the downtrend.

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