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US 10yr Future ($ZN_F) Bear Extension Bias

Posted by on in Fixed Income Chart Updates
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US 10yr future negative theme intact

·         Our stated view in our reports to clients all week has been “for a digestion tone early this week (capped at 124-23/24), but for downside pressures to resurface”.

·         The notable Tuesday erosion has neutralised much of the small basing effort from late last week, back from ahead of the 124-23/24 resistance area, to push through modest 123-305/29 supports.

·         We still see June negative pressures from May topping structure, bearish trend reversal and see bear extension risk for 123-21 with overshoot threat down to the key trend line from Sept 2013, now 123-03.

WHAT CHANGES THIS?

·         Above 124-24 eases bear risks; through 124-31 signals a neutral tone, only shifting positive above 125-175/185.

Please see full report with levels and latest screencast here: http://members.marketchartist.com/Daily/us10yr.pdf

 

 

4 Hour US 10yr Sept Future Chart

b2ap3_thumbnail_us10yr1.png

Daily US 10yr Sept Future: Adjusted Continuation Chart

b2ap3_thumbnail_us10yr2.png

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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.


He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).


Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.


Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.

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