10-Yr U.S. Treasury Notes (TY) Futures Technical Analysis – August …
Get Forex buy/sell signals directly to your email and by SMS.
September 10-Year U.S. Treasury Note traders drove the market higher after the U.S. released disappointing jobs data on Friday. Concerns about the strength of the labor market could underpin the T-Note market until the next Fed meeting in September. Today, there are no U.S. economic releases so the strong upside momentum created by Friday’s rally could continue.
Daily September 10-Year U.S. Treasury Notes
The main trend is up on the daily chart. A rally today will make 124’07.5 a new higher main bottom, solidifying the uptrend.
The near-term range is 125’23.5 to 124’07.5. On Friday, the market closed on the strong side of its retracement zone at 124’31.5 to 125’05. Holding above this zone today will give the market a firm tone.
In addition to the retracement zone, the market is also trading on the strong side of a pair of angles at 125’08 and 125’01.5. The angle at 125’01.5 actually forms a solid support cluster with the 50% level at 124’31.5.
If 124’31.5 fails as support then look for the start of a steep correction since the nearest support angle doesn’t come in until 124’15.
Traders are likely to go after 125’12.5 early in the session. If this angle is taken out with strong volume behind the move then look for a spike into 125’18. This is the last resistance before the main top at 125’23.5.
There is no news to affect the market today so traders may rely on the momentum created by Friday’s jobs report. This should give the market an early bias to the upside.
Follow this link:
10-Yr U.S. Treasury Notes (TY) Futures Technical Analysis – August …
See which stocks are being affected by Social Media
