Ten-Year T-Notes Still Sitting in Tight Range
The daily bar chart of the 10-year T-note futures shows that today’s range has traded above the highs of two day’s ago, but the price action is still holding below the previous support zone, which is acting as resistance. I still see the weak RSI readings as indicating the trend is down. Today is the FOMC statement.
The Constant Volume Chart (set to 10,000 contracts) with the RSI and the CQG SnapTrader show the market traded up through a resistance zone from two day’s ago, and is pulling back. This looks like a false breakout.
When this image of the intraday view of the T-note market was captured using the TradeFlow Chart, the two studies set to five-bar running sums, and the ChartTrader attached, we see a traders are hitting bids occurring as the red sell volume line of the TFVCrss study is peaking above the green buy volume line.