US TSY OPTIONS: Large 30Y Midcurve Buyer

• RES 4: 113-00   Round number resistance 
• RES 3: 112-28+ 1.764 proj of the Jul 15 - 22 - 28 price swing  
• RES 2: 112-19   1.764 proj of the Jul 15 - 22 - 28 price swing  
• RES 1: 112-15+ High Aug 5 and the bull trigger
• PRICE:‌‌ 112-07+ @ 16:52 BST Aug 27
• SUP 1: 111-25   20-day EMA
• SUP 2: 111-14+ 50-day EMA
• SUP 3: 111-13+ Low Aug 18  
• SUP 4: 110-25   Low Aug 1 

The trend outlook in Treasury futures remains bullish and the contract continues to trade above support at the 50-day EMA, at 111-14+. A clear break of this average would expose support at 110-25, the Aug 1 low. For bulls, attention is on 112-15+, the Aug 5 high and the bull trigger. Clearance of this hurdle would resume the uptrend and pave the way for a climb towards 112-19 initially, a Fibonacci projection.(Z5) Bullish Outlook 

• Stocks continue to drift near or above last Friday's record highs Wednesday. Reminder: Nvidia earnings expected to be announced after today's close.
• Uncertainty over an independent Federal Reserve aside (following Trump's "firing" of Fed Gov Cook late Monday) Trump seeking a majority of like minded Fed boardmen in the aftermath of Chairman Powell's dovish Jackson Hole speech appears to be emboldening risk takers.
• Currently, the DJIA trades up 97.03 points (0.21%) at 45512.04 (off Friday's 45727 record high), S&P E-Mini Future up 10 points (0.15%) at 6492.5 (off Friday's 6401.25 high), Nasdaq up 33.1 points (0.2%) at 21573.14 vs. 21591.23 record high this morning.
• Energy and Financial sector shares led first half gainers, oil and gas stocks rising with a modest rebound in crude this morning (WTI +0.33 at 63.58): Valero Energy +1.64%, Marathon Petroleum +1.36%, Occidental Petroleum +1.30% and Phillips 66 +1.29%.
• Financials buoyed by: Wells Fargo +1.73%, Citigroup +1.48%, Huntington Bancshares +1.43% and M&T Bank +1.32%.
• On the flipside, Communication Services and Consumer Staples sector shares underperformed ahead midday: Paramount Skydance -5.71% on downgrade at from Morgan Stanley, Meta Platforms -0.73% and Live Nation Entertainment -0.47%.
• Consumer Staples weighed by: J M Smucker -4.64% after announcing profit pressure at the latest earnings call, Kroger Co -1.26% and Philip Morris International -1.16%.

• US TSY 17W BILL AUCTION: HIGH 4.020%(ALLOT 28.28%)
• US TSY 17W BILL AUCTION: DEALERS TAKE 26.08% OF COMPETITIVES
• US TSY 17W BILL AUCTION: DIRECTS TAKE 5.04% OF COMPETITIVES
• US TSY 17W BILL AUCTION: INDIRECTS TAKE 68.87% OF COMPETITIVES
• US TSY 17W BILL AUCTION: BID/CVR 3.00