US 10YR FUTURE TECHS: (M5) Bear Cycle Extension
- RES 4: 112-20+ High May 1 and a bull trigger
- RES 3: 112-01+ High May 2
- RES 2: 111-22 High May 7 and a key near-term resistance
- RES 1: 110-21+ High May 16
- PRICE: 109-26 @ 16:49 BST May 22
- SUP 1: 109-13 Low May 22
- SUP 2: 109-08 Low Apr 11 and key support
- SUP 3: 108-26+ 76.4% retracement of the Jan 13 - Apr 7 bull cycle
- SUP 4: 108-21 Low Feb 19
Treasury futures traded lower Wednesday extending the bear cycle that started early May. The recent breach of 110-01+, 76.4% of the Apr 11 - May 1 bull leg, strengthened a bearish theme and has exposed key support at 109-08, the Apr 24 low and a bear trigger. Key near-term resistance has been defined at 110-21+, the May 16 high. A move above this level is required to signal a potential reversal.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
OPTIONS: Larger FX Option Pipeline
- USD/JPY: Apr24 Y140.00($1.6bln); Apr28 Y140.00($1.1bln)
- USD/CAD: Apr25 C$1.3800($1.9bln), C$1.4000($1.6bln)
US 10YR FUTURE TECHS: (M5) Recent Gains Are Considered Corrective
- RES 4: 113-04 76.4% retracement of the Apr 7 - 11 bear leg
- RES 3: 112-12 61.8% retracement of the Apr 7 - 11 bear leg
- RES 2: 111-25 50.0% retracement of the Apr 7 - 11 bear leg
- RES 1: 111-01+/17+ 20-day EMA / High Apr 16
- PRICE: 110-28+ @ 16:45 BST Apr 22
- SUP 1: 110-15/109-08 Low Apr 15 / 11 and the bear trigger
- SUP 2: 108-26+ 76.4% retracement of the Jan 13 - Apr 7 bull cycle
- SUP 3: 108-21 Low Feb 19
- SUP 4: 108-03+ Low Dec 12 ‘24 and a key support
Treasury futures have pulled back from last week’s highs. For now, recent gains are considered corrective and the bear cycle that started Apr 7, remains in play. The next resistance to watch is 111-25, 50.0% of the Apr 7 - 11 bear leg sell-off. For bears, a resumption of weakness would refocus attention on 109-08, the Apr 11 low and the bear trigger. Clearance of this level would resume the downtrend.
US TSY FUTURES: Extending Highs, Curves Maintain Flatter Profile
Treasury futures are taking another leg higher in the last few minutes, Jun'25 5Y now steady at 108-11.5 vs. 108-03.25 low. No obvious headline driver.
Curves maintain flatter profile, 2s10s -4.349 at 59.852, short end under pressure ahead of this afternoon's $69B 2Y Note auction (91282CMY4).
