The March US 10-year T-note futures contract (ZNH) extended the market’s major (long-term) downtrend during January to a low of 127-020. The next downside target is 126-104, the 61.8% retracement level of the previous major uptrend on the continuous monthly chart from 117-135 (October 2018) through the high of 140-235 (March 2020). However, monthly stochastics are well below the oversold level of 20% and in position for another bullish crossover, a signal the major trend would be set for a turn.
Theoretical Position: Long positions were likely stopped out with a move to a new 4-month low below 129-160. There are no clear buy or sell signals at this time.