10 Year Note Futures—The 10 year note in the March contract is trading higher for the 3rd consecutive session up another 16 ticks at 130 /25 as there is sheer panic of the Coronavirus spreading throughout the world sending the stock market down nearly 500 points as money flows are going into the bond sector at this time.
I have been recommending a bullish position from around the 129/17 level and if you took that trade continue to place the stop loss under the 2 week low standing at 128/25 as the yield currently stands at 162 % and looks to head even lower in my opinion.
The one major concern I have is that there is a price gap that was created today as who knows how severe this virus is going to be longer term, but in the short-term it certainly is a bullish fundamental factor for higher prices and lower yields with the next major level of resistance all the way at the 132 area as there is still room to run.
The 10-year note is trading above its 20 and 100 day moving average telling you that the trend is to the upside as prices have now hit a 3 1/2 month high as I have very few trade recommendations at the current time.
TREND: HIGHER
CHART STRUCTURE: SOLID
VOLATILITY: INCREASING
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