Even though stocks are higher because of this, don’t get too excited that US 30yr yields look like they have found resistance near term. From the looks of it, we have, at least until Friday when the Non Farm Payroll data is due for release. In the near term, the 5% level capped the rally with the 161% extension just above at 5.05%. The daily RSI was overbought and may need to correct before resuming higher. On Friday, if recent history repeats itself, the US jobs data may come in relatively strong (still) and keep rates elevated and planted firmly in the bullish trend we are seeing. Dips back towards the 4.69% level may be seen as buying opportunities.