It's time to look at US 2y/10y spread too

- Downtrend (flattening) since 2014 (!)
- Ichimoku setup is still bearish . Key reversal points ar 0,20 % (Kijun + 1st trendline ) and 0,35 % (Forward Senkou B + 2nd trendline ) -> these two levels are absolutely critical, as if they break, the curve trend will change to a longer term strategic steepening
- Heikin-Ashi candles show consolidation since Dec/2018
- A positive divergence has been building in EWO since Aug/2018

- Ichimoku is neutral, with some positive bias ahead
- Heikin-Ashi shows indecision at Kijun Sen, could possibly deliver a bullish signal soon
- EWO is positive

To have a small steepener position makes sense, as curve should rather move to that direction, but the above mentioned 20 bps key level has to be cleared to enter this position in bigger size. Until then I prefer to stay in the 5y/10y steepener, which we discussed earlier. The technical setup is more developed in 5y/10y.

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