US STOCKS: Midday Equities Roundup: DJIA Outperforming Ahead FOMC

• RES 4: 114-02   High Oct 17 and the bull trigger 
• RES 3: 113-29   High Oct 22
• RES 2: 113-18+ High Oct 28 
• RES 1: 113-02   High Nov 5& 7 and a key near-term resistance
• PRICE:‌‌ 112-22 @ 17:02 GMT Nov 10
• SUP 1: 112-09+ Low Nov 5
• SUP 2: 112-08+ 38.2% retracement of May - Oct Upleg
• SUP 3: 112-07+/06 100-dma / Low Sep 25 and a reversal trigger 
• SUP 4: 112-01+ Trendline support drawn from the May 22 low 

Treasuries are trading below last week’s high and closer to recent lows. This highlights a bear threat and attention is on a reversal trigger at 112-06, the Sep 25 low, and the 100-DMA, at 112-07+. A clear break of these price points would expose a trendline support at 112-01+. The trendline is drawn from the May 22 low. Resistance to watch is 113-02, the Nov 5 and 7 high.  Clearance of this level would highlight a potential bullish reversal. 

Tsy futures are remain weaker - but off lows (TUZ5 at 104-04.75 -2 vs 104-03.75 low) ahead of the $58B 3Y note auction (91282CPK1) at 1300ET, WI is currently at 3.590%, 1.4bp cheap to last month's stop. Results will be available shortly after the competitive auctions closes at 1300ET.

• October auction recap: Tsys gained slightly, extend session highs (TYZ5 112-23.5) after $58B 3Y note auction (91282CPC9) stopped through again: drawing 3.576% high yield vs. 3.584% WI; 2.66x bid-to-cover vs. 2.73x prior.
• Peripheral stats: Indirect take-up receded to 62.70% vs. 74.24% prior; direct bidder take-up climbed to 26.58% from 17.39% prior; primary dealer take-up 10.72% vs. 8.37% prior.

Switzerland are coming close to securing a 15% tariff on exports to the US, according to Bloomberg sources. 

The piece writes: "Switzerland is close to securing a 15% tariff on its exports to the US, in what would be a relief for the country after it was hit with a punishing 39% levy in August, according to people familiar with the matter.

• "A deal may be concluded within the next two weeks, said the people, who declined to be identified discussing ongoing negotiations. They also warned that nothing is finalized and the talks could still come undone, as happened during discussions between US and Swiss trade negotiators in late July."
• Phase of strength goes through in the CHF on that headline: USDCHF corrects lower to erase the day's gains and sit back flat.
• 0.8054 at the pullback low, still well within the Friday range and area of interest: 0.8032 - 0.8084.