Steve Miley, MSTA
MarketChartist
US 10yr June future aims through 123-03/025 pivot area for 122-23
A still somewhat cautious tone, with a probe lower, reinforcing the plunge last Wednesday through the March low at 123-105, but then a modest bounce from our target at the 123-03/025 pivot area.
However, having revived the topping theme previously signalled by bearish momentum divergence (see the 8-day RSI) and failure at key retrace/ chart barriers at 125-07/08 we see risk still through 123-03/025 into midweek.
Through here would then target the 61.8% retrace at 122-23 and maybe back to the key 122-09/03 chart props.
WHAT CHANGES THIS?
Back above 123-30 eases bear pressures; through 124-19 is needed for a more neutral tone again. Above 125-08 re-energizes bullish pressures.
Daily US 10yr June Future: Adjusted Continuation Chart
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