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(Z2)‌‌ Short-Term Gains Considered Corrective

US 10YR FUTURE TECHS
  • RES 4: 116-11 50.0% retracement of the Aug 2 - Sep 28 bear leg
  • RES 3: 115-04 50-day EMA
  • RES 2: 114-31+ 38.2% retracement of the Aug 2 - Sep 28 bear leg
  • RES 1: 113-04/30 20-day EMA / High Oct 4 and the bull trigger
  • PRICE: 111-16+ @ 19:24 BST Oct 11
  • SUP 1: 110-19 Low Sep 28 and the bear trigger
  • SUP 2: 110-00 Psychological Support
  • SUP 3: 109-23+ Low Nov 30 2007 (cont)
  • SUP 4: 108.27+ 3.0% 10-dma envelope

Treasuries remain soft but have found some support today. Short-term gains are considered corrective. The reversal last week from 113-30, Oct 4 high, marks the end of the Sep 28 - Oct 4 correction. MA studies remain in a bear mode position and attention is on the key support and bear trigger at 110-19, Sep 28 low. A break would confirm a resumption of the primary downtrend. Price needs to break above 113-30 to reinstate a short-term bullish theme.

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