The ZB U.S. Treasury Bond Futures weekly chart shows a market in transition. Price action has shifted to an average momentum phase with medium-sized bars, indicating a move away from the previous high volatility. Both the short-term and intermediate-term swing pivot trends have turned upward, supported by a series of higher lows and a recent pivot high at 118.09375. The price is currently above the 5, 10, and 20-week moving averages, all of which are trending up, reinforcing the bullish tone in the short and intermediate timeframes. However, the longer-term 55, 100, and 200-week moving averages remain in a downtrend, and price is still below these key resistance levels, suggesting the broader trend is still bearish. The market is consolidating within a neutral NTZ (No Trade Zone) on the yearly and monthly session fib grids, with no clear breakout yet. Key resistance levels are stacked above, with 127.03125 and 121.125 as immediate hurdles, while strong support is seen at 109.3125 and 106.78125. The overall structure hints at a potential base-building phase, with the possibility of a trend reversal if price can sustain above the intermediate resistance and break the long-term moving averages. For now, the market is in a bullish swing phase short- and intermediate-term, but the long-term trend remains bearish until proven otherwise.