June 10 year note – BrokersEDGE – futures options trading- DAW Trading – CME

10-year (June)

Yesterday’s close: Settled at 118’27, unchanged

Fundamentals: Price action in the longer end (10’s and 30’s) put in a solid second half of the session yesterday and while the 10-year finished unchanged, the 30-year grinded out a 3-tick gain. The Dollar softened through yesterday’s session and this could have very well supported price action. However, investors are also likely gearing up for the massive supply hitting the market. This begins with the 2-year auctioned at noon CT. On the economic data front, Redbook is due at 7:45 am CT and Richmond Fed data at 9:00. Tomorrow is the big day though with PMIs from both sides of the pond, U.S Housing Starts and FOMC Minutes.

Technicals: We continue to believe that there is value in this area, especially so if price action maintains above the pivot. The tape is slightly lower this morning and has again stalled at major three-star resistance at 118’31, it will be key to get out above here in order to neutralize the recent weakness.

Bias: Neutral/Bullish

Resistance: 118’31***, 119’14-119’16***, 119’27-119’315**

Pivot: 118’165-118’175

Support: 117’22-117’295*** 

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