As we can see, the ZNH5 (10-Year T-Note March 2015) has with 1,241,381 the most Globex volume, followed by ZFH5 (5-Year T-Note March 2015) with a Gobex volume of 634,016 for today.
Anyway, here's a top down perspective of the Notes filtered through three plain bar timeframes: monthly, weekly and daily. As usual we start out with the monthly bars chart. The first thing to note is that this market pushed above the balance area that occured since several months (more than a year). Actually there has been two attempts to break lower but the market got back into the bracket area. Now we broke out above the balance area to test our bullish and bearish trendline as well as the bottom of a previous bracket area. So far the market rejected this bracket low to the tick. Also, this balance area low is confluent with the 61.8% Fibanocci level. We'll see what the market will do here.
Monthly bars chart with installed Fibanocci tool:
Looking at the weekly bars chart, we can observe a one time framing higher market that occurs since four weeks. The previous week was as the current week an inside bar. Since three weeks the market rejecting this resistance area here. A break above should continue the one time framing behavior to the upside.
Moving forward to the daily bars perspective, we can cleary see the balanced condition in this market currently. Inside of this balance area the market is one time framing higher for a possible test of the bracket high. However, with today's inside day the market formed a potential resistance level. With installed EMAs we can see that the bullish short-term trend as well as the long-term tred on this timeframe is intact. Several days ago the 20EMA served as nice support and followed by continues support at 10EMA. Today the market actually rotated back to this week's average (5EMA) and found support.
We would like to elaborate this analysis with VWAPs but this would be too much informations here, so take a look into our community and eduction sections to learn more about our VWAP analysis process as well as other tools we use in our analysis and trading approach.
Stay focused and happy!
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
