Z18) Volume-less Rally *RES....>

US 10YR FUTURE TECHS: Z18) Volume-less Rally

*RES 3: 119-23 200-dma

*RES 2: 119-10 100-dma

*RES 1: 119-00 Sep 28 high

*PRICE: 118-12+ @ 16:07 GMT, Nov 12

*SUP 1: 117-13+ Oct 8 low

*SUP 2: 116-20 Breakout target from triangle pattern (continuation chart)

*SUP 3: 115-26 61.8% Retracement of 103-20+ to 135-15+

Despite sporadic market closures in the US, Treasury futures were on the front

foot for much of the session, climbing above the 21-dma at 118-09+ for the first

time since late October. The rally was, however, capped ahead of the 50% fibo

level at at 118-14+, which keeps the broader bearish trend intact. Bulls may

also be wary of the particularly light volumes in Treasury futures today, which

may give way when US traders return. To the downside, bears look to take out the

Oct 8 low at 117-13+ to extend the downtrend, below here opens the breakout

target from the triangle pattern at 116-20.