10 Year Note Futures—The 10 year note in the September contract is trading higher for the 2nd consecutive trading session up 6 ticks at 128/04 as I am now recommending another bullish position while placing the stop loss on all 3 contracts at the 2 week low which now stands at 126/ 31 as an exit strategy.
The yield on the 10 year note stands at 1.99% as I thought we could crack the 2% level which has now happened and I think we can go down to the 1.85% area rather quickly as the United States interest rates are still the highest in the world as many European countries have negative rates.
The chart structure is excellent at the current time and that’s why I’m recommending a 3rd position as the first 2 have an average around the 124 / 25 level as prices continually grind higher on a weekly basis so stay long as I see no reason to be short.
The 10 year note is trading far above its 20 and 100 day moving average as the trend clearly is higher with the next major level of resistance around the 129 area as there is still room to run to the upside as the uncertainty between the United States and Iran should support prices in the short-term.
CHART STRUCTURE: EXCELLENT
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