Bonds Still Friendly to the Bulls; Currencies Are Close, but Not Quite There Yet
Bulls are claiming victory in certain of our key tells, but the game isn't quite over yet.
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The yield on the 10-year Treasury Note is still bullishly hovering above key support.
There's not much to add to what I have been writing about Treasury yields. They are clearly staying low due to the intervention from the Feds. However, they have not yet broken key support. Unless and until 1.548% is violated on the downside (on a closing basis), the wave count shown on the chart below is still likely valid and more upside in rates should be expected. That being noted, it's not a perfect trade entry at current levels for those betting on higher rates occurring.
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