US 10 Year T-Note 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:
