The iShares 20+ Year Treasury Bond ETF jumped to its 50-day ( ) yesterday. It was the first test of the since the beginning of the year.
Second, TLT moves in the opposite direction as the CBOE 30-year Treasury Bond Yield Index ( TYX ). Yesterday it held an upward-sloping trendline that began on January 4. Also notice how a kicker pattern may be taking shape, with a quick bounce from the low:
Finally, yesterday’s data could favor more downside in TLT because initial jobless claims, retail sales and Fed surveys suggested the economy is rebounding sharply. The numbers were so strong that the Atlanta Fed’s GDPNow estimate for Q1 growth was revised up from 6.2 percent to 8.3 percent.
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