The futures on the 10-Year U.S. Treasury note price (@TY) have come down recently, as rates rose in conjunction with the U.S. equity markets' continued rise to new all-time highs.
The decline in TY prices looks like it came in the form of an "abc" downside correction. That correction has brought prices down to key support at 124'26.5.
From that level, a move up back up to around 125'28.5 is what technicians are expecting.
Technicians believe that treasury prices are range bound between the August highs and this week's lows (August lows and this week's highs for Treasury yields) for now.
Technical traders are likely to be buyers of TY futures near 124'26.5 (2.487 percent on the 10-Year T-Note yield) and sellers near 125'28.5 (2.305 percent to 2.333 percent on the 10-Year T-Note yield).
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