10 Year Note Futures—The 10 year note is trading higher for the 2nd consecutive session up another 9 ticks at 125 / 22 continuing its bullish momentum hitting another contract high in today’s trading session. I have been recommending 2 bullish positions with an average price of 124 /25 and if you took those trades place the stop loss under the 2 week low which stands at 124 / 01 as the chart structure will not improve for another 6 trading sessions so you will have to accept the monetary risk at this time.
As I have talked about in many previous blogs I think the 10 year note could crack the 2% level as the yield at the present time is 2.23% as this trend is getting stronger on a weekly and monthly basis. The trade war with China certainly looks to be escalating as there does not seem to be any agreement anytime soon as that is a bullish fundamental factor towards the 10 year note as I see no reason to be short.
The 10 year note is trading above its 20 & 100 moving average as clearly this market looks to move higher as fundamentally speaking there is absolutely no inflation worldwide coupled with the fact that the Federal Reserve is not going to raise interest rates in 2019 so stay long.
CHART STRUCTURE: SOLID
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