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(Z9) Erodes congestion..........>

US 5YR FUTURE TECHS
US 5YR FUTURE TECHS: (Z9) Erodes congestion resistance
*RES 3: 121-21+ High Nov 9 2016
*RES 2: 121-037 1.0% 10-dma envelope
*RES 1: 120-12+ Sep 3 High
*PRICE: 120-05+ @ 10:58 BST, Sep 4
*SUP 1: 118-21+ Low Aug 13
*SUP 2: 118-122 Pivot level
*SUP 3: 118-262/117-08 50-dma/Post Fed Low
Renewed recession concerns courtesy of a woeful ISM Manufacturing number
yesterday underpinned Treasuries across the curve, prompting markets to erode
congestion resistance layered between 120-062-097. Markets remain bullish above
the 120-00 handle, which holds as first support, with eyes turning to vol band
resistance at 121-037 as the first target. For bears to wrest control, a decline
through 120-00 would weaken the outlook after which focus turns to 119-262/302
as Fib support.

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