US TSY FUTURES: OI Points To Long Cover Further Out The Curve On Monday
OI points to a mix of net short setting (TU & FV) and long cover (TY, UXY, US & WN) during Monday’s weakness.
- The long cover seen further out the curve provided the most notable positioning move (in DV01 equivalent terms) on the day, coming after long setting was seen across the curve on Friday.
- Note that DV01 equivalent positioning swings in individual contracts were relatively modest.
| 09-Dec-24 | 06-Dec-24 | Daily OI Change | OI DV01 Equivalent Change ($) |
TU | 4,321,254 | 4,309,642 | +11,612 | +457,339 |
FV | 6,023,603 | 6,018,775 | +4,828 | +208,737 |
TY | 4,455,901 | 4,465,339 | -9,438 | -622,251 |
UXY | 2,204,892 | 2,215,977 | -11,085 | -1,010,930 |
US | 1,848,167 | 1,853,737 | -5,570 | -739,193 |
WN | 1,764,041 | 1,769,207 | -5,166 | -1,064,187 |
|
| Total | -14,819 | -2,770,486 |
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JGB TECHS: (Z4) Bounce Reverses
- RES 3: 149.55 - High Mar 22 (cont)
- RES 2: 147.74 - High Jan 15 and bull trigger (cont)
- RES 1: 146.53 - High Aug 6
- PRICE: 143.70 @ 16:14 GMT Nov 08
- SUP 1: 143.39 - Low Nov 07
- SUP 2: 142.23 - Low Jul 02
- SUP 3: 140.21 - 1.236 proj of Mar 22 - Nov 1 ‘23 - Jan 15 price swing
Prices fell further Thursday, extending the recent pullback. The return lower at the start of this week has culminated in a break of 143.57, marking both the Jul 17 high on the continuation contract as well as the Oct 22 low. For now, the 50-dma tops out at 144.32, and marks first resistance. A continuation higher would open 146.53, the Aug 6 high (cont) and a bull trigger.
US TSY FUTURES: BLOCK: Late 2Y/10Y Ultra-Bond Flattener
- Flattener crossed late Friday at 1645:30ET, DV01 $322,000
- -8,900 TUZ4 102-23.88, sell through 102-24.38 post time bid vs.
- +3,700 UXYZ4 113-16, post time offer
USDCAD TECHS: Trend Needle Points North
- RES 4: 1.4179 2.0% 10-dma envelope
- RES 3: 1.4000 Round number resistance
- RES 2: 1.3977 High Oct 13 and a key M/T resistance
- RES 1: 1.3959 High Nov 1 / 6
- PRICE: 1.3910 @ 16:29 GMT Nov 8
- SUP 1: 1.3836/22 20-day EMA and a key S/T support / Low Nov 6
- SUP 2: 1.3744 50-day EMA
- SUP 3: 1.3611 Low Oct 8
- SUP 4: 1.3567 Low Oct 7
USDCAD reversed course Wednesday and recovered from Tuesday's low. The trend outlook is unchanged, it remains bullish. Attention is the key resistance at 1.3946, the Aug 5 high. This hurdle has been pierced, a clear break would strengthen the uptrend and open 1.3977, the Oct 13 high and a key medium-term resistance point. Initial firm support to watch lies at 1.3836, the 20-day EMA.
