US 10YR FUTURE TECHS: (H6) Trend Needle Points South
Jan-29 11:12
- RES 4: 112-31 High Dec 18 and key short-term resistance
- RES 3: 112-22 High Jan 7
- RES 2: 112-09+ 50-day EMA
- RES 1: 112-00 20-day EMA
- PRICE: 111-20+ @ 11:02 GMT Jan 29
- SUP 1: 111-09 Low Jan 10 and the bear trigger
- SUP 2: 111-00 Round number support
- SUP 3: 110-30+ 1.618 proj of the Oct 17 - Nov 5 - 25 price swing
- SUP 4: 110-22+ 1.764 proj of the Oct 17 - Nov 5 - 25 price swing
A bear threat in Treasuries remains intact and short-term gains are considered corrective. Initial firm resistance to watch is at the 20-day EMA, currently at 112-00. The 50-day EMA is at 112-09+. The area between the 20- and 50-day averages represents a key resistance zone. For bears, a resumption of weakness would refocus attention on the bear trigger at 111-09, the Jan 10 low. A break of this level resumes the downtrend.
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OUTLOOK: Price Signal Summary - EUROSTOXX Trend Set-Up Remains Bullish
Dec-30 10:47
- In the equity space, the recent pullback in S&P E-Minis has been a correction. A key short-term support has been defined at 6771.50, the Dec 18 low. A break of this level is required to signal scope for a deeper retracement and would highlight a possible short-term reversal. For bulls, sights are on key resistance at 7014.00, the Oct 30 high. Clearance of this hurdle would confirm a resumption of the primary uptrend.
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