The 10year yields have now retraced .618 of the move from the 2018 highs to the Covid 2020 lows.
FOMC is in 2 days - if Powell offers no surprises, I wouldn't be shocked to call this the top in the 10 year for now. IF we start to get a reversal in rates - get long bonds such as TLT or ZROZ - and tech might even rally.
Just something to watch!
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Notice on the weekly, how NQ has a descending wedge and its currently around the 100w SMA as well. It is super far outside its Linear Regression Channel as well.
When you take a look at long term bonds - you can see that it is near a pretty well defined support/resistance zone as well - just something to keep in mind.
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The 2 and 10 yr rates are now right around this 40 year trendline. This is a important area to see how rates will respond.
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10yr is breaking >40yr Trendline - Does the bond market know something?