Ten-Year T-Notes are Edging Lower
Sellers continue to probe the support zone on the daily chart. The daily RSI readings are still indicating a trading range with a bullish bias. Most of the drag on the market is coming from the 30-year, as well as the ten-year Euro Bund is trading lower.
The Constant Volume Chart is set to 25,000 contracts with the CQG SnapTrader and the RSI set to 14-bars. Yesterday, the market traded above the resistance zone, but then the price traded back within the resistance zone’s boarders. At the same time, the RSI formed a pivot high below 62, and then the market slid from there.
Today, the recent extreme readings by the RSI are below 38, indicating downward momentum. Now, the RSI is forming pivot lows above 38, and that signals a trading range.
The T-note TFlow Chart, has the two studies set to five-bar running sums, and the ChartTrader attached. At time this image was captured, sellers are showing a slight edge as the peaks of the sell volume line (red) are edging above the peaks of the buy volume line of the TFVCrss study.
The TFlow short-term view can quickly change.