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(Z0) Bounce Considered Corrective

US 5YR FUTURE TECHS
  • RES 4: 125-31 High Oct 15 and a key near-term resistance
  • RES 3: 125-29+ High Nov 5 and the bull trigger
  • RES 2: 125-24 High Nov 9
  • RES 1: 125-19 20-day EMA
  • PRICE: 125-156 @ 11:18 GMT Nov 13
  • SUP 1: 125-08+ Low Nov 12
  • SUP 2: 125-04+ 1.50 proj of Aug 4 - 28 sell-off from Sep 3 high
  • SUP 3: 125-016 1.618 proj of Aug 4 - 28 sell-off from Sep 3 high
  • SUP 4: 124-302 1.764 proj of Aug 4 - 28 sell-off from Sep 3 high

5yr futures remain bearish following the Nov 9 sell-off and despite the recent corrective recovery. The break lower earlier this week resulted in a move through 125-122, Nov 4 low and negated the Nov 4 reversal signal - a bullish engulfing candle. This confirmed a resumption of the downtrend that started early August and maintains the bearish price sequence of lower lows and lower highs. Initial resistance is seen at 125-19, the 20-day EMA.

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