Ten-Year T-Notes Continue to Hold
The daily bar chart of the 10-year T-note futures shows that today’s range is inside of yesterday’s range, and that the previous support zone is acting as resistance. The weak RSI readings indicate the trend is down and the price action should work lower. Today’s quiet activity is due to traders waiting for tomorrow’s FOMC statement.
The Constant Volume Chart (set to 10,000 contracts) with the RSI and the CQG SnapTrader show the market is trading sideways within a support zone and a resistance zone. However, the RSI readings are currently indicating a moderately strong market by edging over 62. The resistance zone may be challenged.
When this image was grabbed of the intraday view of the T-note market using the TFlow Chart, the two studies set to five-bar running sums, and the ChartTrader attached, we see a some buying occurring as the green buy volume line of the TFVCrss study is peaking above the red sell volume line.