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• RES 4: 112-16   61.8% retracement of the Mar 2 - 27 bear leg 
• RES 3: 112-07   High Mar 18
• RES 2: 111-31   50.0% retracement of the Mar 2 - 27 bear leg 
• RES 1: 111-27+ High Apr 17
• PRICE:‌‌ 111-02  @ 17:14 BST Apr 27
• SUP 1: 110-26+ Late NY Low Apr 23
• SUP 2: 110-16/109-24   Low Apr 2 / Low Mar 27 and the bear trigger
• SUP 3: 109-22+ 1.764 proj of the Mar 10 - 13 - 18 price swing
• SUP 4: 109-12   2.000 proj of the Mar 10 - 13 - 18 price swing

Treasuries continue to trade below last week’s high and a key short-term resistance has been defined at 111-27+, the Apr 17 high. Any renewed rally needs to push prices through interim resistance into the 111-27+ level, the Apr 17 high, before 111-31, the 50% retracement for the Iran War bear leg can be tested. Clearance of this retracement level would strengthen a bullish theme. Support to watch is 110-16, the Apr 2 low. A break would be bearish.

Tsy futures hold weaker ahead of the $70B 5Y note auction (91282CQK0) at 1300ET, WI is currently running at 3.947%, 3.3bp rich vs. last month's tail.

• March auction recap: Tsy futures pared gains after $70B 5Y note auction (91282CQG9) tailed yet again: drawing 3.980% high yield vs. 3.967% WI; 2.29x bid-to-cover vs. 2.32x prior.
• Peripheral stats: Indirect take-up slipped to 61.90% from 62.49% prior, direct take up to 22.48% vs. 24.70% prior, while primary dealer take-up rose to 15.61% vs. 12.81% prior.