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US TSYS: Tsys Futures Edge Lower, Long-End Underperforming

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Tsys futures have continued to drift lower throughout the session, the long-end is underperforming, however still trades above Friday's lows, while the short-end has now broken below Friday's lows. TU was last -01⅜ at 102-23¼, TY is -08 at 110-01, while WN is -22 at 124-21.
  • Looking at Dec'24 10yr futures technicals, a bear cycle remains in play following Wednesday's move lower reinforces current conditions. The recovery Thursday, above 110-00, is considered corrective. A resumption of the bear leg would open 109-05 next, the 76.4% retracement of the Apr - Sep bull cycle (cont). The 109-00 handle remains exposed too. Initial firm resistance is seen at 111-03+, the 20-day EMA.
  • Cash trading is closed today for veterans day. The 10yr closed Friday at 4.304% about 17bps lower than the highs made on November 6th.
  • There has been some decent unwinding of curve steepener trades over the past week, with the 2s10s flattening 14.5bps & the 2s30s flattening 18bps since the US election.
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  • Tsys futures have continued to drift lower throughout the session, the long-end is underperforming, however still trades above Friday's lows, while the short-end has now broken below Friday's lows. TU was last -01⅜ at 102-23¼, TY is -08 at 110-01, while WN is -22 at 124-21.
  • Looking at Dec'24 10yr futures technicals, a bear cycle remains in play following Wednesday's move lower reinforces current conditions. The recovery Thursday, above 110-00, is considered corrective. A resumption of the bear leg would open 109-05 next, the 76.4% retracement of the Apr - Sep bull cycle (cont). The 109-00 handle remains exposed too. Initial firm resistance is seen at 111-03+, the 20-day EMA.
  • Cash trading is closed today for veterans day. The 10yr closed Friday at 4.304% about 17bps lower than the highs made on November 6th.
  • There has been some decent unwinding of curve steepener trades over the past week, with the 2s10s flattening 14.5bps & the 2s30s flattening 18bps since the US election.