US 10Y yield is eroding a major band of support
It's pretty much all about Fibonacci today - the market has recent peaked at around 4.24 and is in the process of eroding a key convergence of support at 3.25/3.32 (lows since January, the 55-week ma and the 2018 high). These are looking vulnerable and failure will imply a deeper corrective move lower towards 3.00 and potentially 2.80ish - the 38.2% retracement of the entire rally from the 2020 low.
Remember todays close will also constitute a weekly close on the charts so this should be watched closely.
Remember todays close will also constitute a weekly close on the charts so this should be watched closely.
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