US10yr yield near topping point; TLT may fall more to 120-114
TNX may be seeing a top soon at the 0.786-0.854 Fib zone somewhere near 2.81-2.83%.
Also, if you measure the inverse head & shoulder move, TNX may peak at 3.25% which is a very significant pivot line.
And if you look at the downtrend channel, TNX topped out several times at the upper channel. This time it overshoot due to the aggressive selling of TLT bonds doing the work for the FED.
TLT, which is inverse to TNX, may also be nearing the bottom. It may still fall some more to the 120 to 114 support zone. (Very Good buy zone)
Market is not acting normal these days: XLE bank stocks falling despite rising rates. Banks may be due for a bounce so watch carefully this earnings week for GS, WFC, JPM.
Transports IYT is also diverging also seems reversing going up. It may be a more leading market indicator this time than IWM smallcaps.
Watch carefully the reaction in TLT bonds & gold in the coming weeks.
Not trading advice
Also, if you measure the inverse head & shoulder move, TNX may peak at 3.25% which is a very significant pivot line.
And if you look at the downtrend channel, TNX topped out several times at the upper channel. This time it overshoot due to the aggressive selling of TLT bonds doing the work for the FED.
TLT, which is inverse to TNX, may also be nearing the bottom. It may still fall some more to the 120 to 114 support zone. (Very Good buy zone)
Market is not acting normal these days: XLE bank stocks falling despite rising rates. Banks may be due for a bounce so watch carefully this earnings week for GS, WFC, JPM.
Transports IYT is also diverging also seems reversing going up. It may be a more leading market indicator this time than IWM smallcaps.
Watch carefully the reaction in TLT bonds & gold in the coming weeks.
Not trading advice