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10 Year T-Note Futures10 Year T-Note Futures10 Year T-Note Futures

10 Year T-Note Futures

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ZN1! trade ideas

Employment Data Hammers BondsBonds crept up but are facing resistance. After ZN tested highs at 121'28, and retraced, it started to establish value between 119'23 and 121'00. The latter has provided prohibitive resistance, as we have discussed this week, and we have seen a rejection, continuing the sideways correction. We saw a wick down to 119'23, where we found support, at first, but we subsequently broke through to the vacuum zone below. This follows Non Farm Payrolls coming in at a surprise beat, with unemployment at 3.5%. Expect support at 119'01.
CBOT:ZN1!Short
by quantguy
Did the bond market fail?Over the last few months the 10yr bond market has been developing a long term inverted head and shoulder pattern. This was suggesting a test of the 200dma may be coming up soon and yields would continue to come down. However, today we saw a massive bearish engulfing and a move that almost wiped out last week’s entire move higher. This aggressive move lower in the notes, also dropped back below the inverted head and shoulder pattern neckline after a rejection of the 50% retracement. This false upside breakout could leave bulls holding the bag. The risk (now) is that bonds continue to slide back to the 50dma and yields continue to rally. This could affect the USDJPY as that pair has been very sensitive to the move in 10yr yields.
CBOT:ZN1!
by ForexAnalytix