Ten-Year T-Notes Still Holding within Recent Trading Range
The daily bar chart of the 10-year T-note futures contract is holding above the support zone and today is another new low for the last four days. Notice the narrowness of today’s range so far. This indicates sellers are not coming out and generating pressure. If the market holds together today, then short covering may be next.
However, the RSI readings have yet to form a pivot low above 38, which I would like to see.
Looking at the 5-minute bar chart, we can see that the initial low of the day was set with a pick up in volume. The market is now recovering from the selling.
The intraday view of the T-note market using the TradeFlow Chart has the two studies set to five-bar running sums and the SnapTrader attached. The market was hit with good volume at the low, but the price action is now recovering. There have been some signs of buying based on the peaks of the buy volume line of the TFVCrss study.