The $NOB yield curve spread (ZN vs ZB) closed sharply steeper yesterday at 133 bps. This move steeper broke out of a long term pennant and the 38.2% Fibonacci level. Further resistance will come at 137 bps and 145 bps (50% and 61.8% fib levels respectively). Support levels are 127 bps and 120 bps. 133 bps equates to a price spread of 6-27+; $NOB DV01 is currently $136.
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