Steve Miley, MSTA
MarketChartist
US 10yr future corrective rebound threat
We stated in our last report that for Thursday “we see an indecisive theme and a likely erratic digestion, maybe for a bounce to 124-20, even 124-28”.
A dip and a bounce for a bullish outside pattern above 124-20 eases the immediate bearish risk, but the previous reversal below the trend line support from early April points to still further downside into mid-June.
For Friday we see possible upside to 124-25, maybe 125-00, but whilst below here, see June bear pressures intact.
This leaves risk of erosion into next week to chart props at 123-275 and 123-21.
WHAT CHANGES THIS?
- Above 125-00 eases bear risks; through 125-08/125 signals a neutral tone, only shifting positive above 125-175/185.
Daily US 10yr Sept Future: Adjusted Continuation Chart
2 hour US 10yr Sept Future Chart
THERE IS SUBSTANTIAL RISK OF LOSS IN TRADING FUTURES, OPTIONS AND FX PRODUCTS. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE
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