A bull cycle in Treasury futures is intact, particularly as the intraday pressure Thursday saw price bounce off 50-day EMA support. Nonetheless, prices remain below Tuesday’s high and today’s sell-off marks an extension of the short-term correction. Support to watch is 110-30+, the 50-day EMA. A clear break of this average would signal scope for a deeper correction and also highlight a possible reversal. For bulls, a move higher would refocus attention on 112-15, the 61.8% retracement of the Apr 7 - 11 steep sell-off.
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SFIZ5 96.30/96.50 call spread vs 2NZ5 96.60/96.80 call spread, paper pays 1.75 for 4k