US 10yr future negative pressures intact
· We did look for a potential corrective bounce on Tuesday before our more negative theme resurfaced through midweek, but a quick failure at our 124-13 target has allowed for a quicker than anticipated bearish resumption.
· This maintains negative pressures this week from the Friday failure back from 125-00 and the prior reversal below the trend line support from early April for still further downside into mid-June.
· We see risk of erosion into this week to chart props at 123-275 and 123-21.
· Overshoot risk is down to 123-00 and the key trend line from Sept 2013, 122-30.
WHAT CHANGES THIS?
· Above 124-13 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
Daily US 10yr Sept Future: Adjusted Continuation Chart