A low level consolidation since midweek of the recent erosion, after a bearish outside pattern Monday and the failure in late February back from the 128-16 retrace/ chart resistance level.
Having rolled back into the rebound range and violated numerous supports, we see a bias for a bear extension, given the aggressive February sell off through multiple chart and retrace supports.
- We see a downside bias through 126-23/20, for 126-14/12 and maybe for 125-28/25.
- But above 127-075 aims for 127-17, maybe 127-28, which we would still look to cap for a roll back lower.
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Daily US 10yr Future Chart