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(Z9) Returns to neutral *RES...>

US 30YR FUTURE TECHS
US 30YR FUTURE TECHS: (Z9) Returns to neutral
*RES 4: 171-16 High Sep 7 2016
*RES 3: 169-31/03 Low Jul 22 2016/High Sep 28 2016
*RES 2: 167-23 76.4% Fib 177-11 - 136-16
*RES 1: 167-18 Cycle High
*PRICE: 164-21 @ 11:16 BST, Sep 5
*SUP 1: 162-15 Low Aug 14
*SUP 2: 159-23 Low Aug 8
*SUP 3: 157-02/30 Jul 5 high/ 50% retracement Oct 2018 low to July 2016 high
*SUP 4: 155-29 High Jul 31
Despite the 10yr sector of the curve hitting fresh cycle highs on the poor ISM
manufacturing number this week, 30yr futures are failing to replicate the move.
This likely indicates firmer resistance layered between the 166-29/167-18
levels, which bulls may find difficulty topping. This puts the recent cycle high
printed on the Sep contract up at 167-18 out of reach for now, with the most
likely path from here sideways.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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