US 10YR FUTURE TECHS: (M5) Bear Cycle Remains In Play
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: 110-29 20-day EMA
- PRICE: 109-26+ @ 13:08 BST May 15
- SUP 1: 109-18+ Intraday low
- 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 maintain a bearish tone and this week’s move lower has reinforced a bearish condition. Support at 110-01+, 76.4% of the Apr 11 - May 1 bull leg, has been cleared. The breach exposes a key support at 109-08, the Apr 24 low and a bear trigger. Key near-term resistance has been defined at 111-22, the May 7 high. A move above this level is required to signal a potential reversal. First resistance is at 110-29, the 20-day EMA.
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BONDS: Bunds & Gilts Find Some Cross-Asset Support
{GE}{GB} BONDS: A downtick in e-minis and the previously covered FV block buy-driven uptick in Tsys seems to provide some spill over support for both Bunds and gilts, allowing the respective futures contracts to tick away from lows.
STIR: Repo Reference Rates
- Secured Overnight Financing Rate (SOFR): 4.33% (+0.00), volume: $2.561T
- Broad General Collateral Rate (BGCR): 4.33% (+0.01), volume: $1.042T
- Tri-Party General Collateral Rate (TCR): 4.33% (+0.01), volume: $1.002T
- (rate, volume levels reflect prior session)
GILT PAOF RESULTS: The PAOF for the 4.50% Mar-35 gilt was not taken up.
- A total of GBP1.0bln had been available.
- This leaves GBP21.222bln of the gilt in issue.
