US 10Y Treasuries Short Term Bearish
Currently watching the 10Y Treasury Yield to hit resistance and pull back.
3% should be a big resistance level for now.
Short term Fibonacci target of ~2.6%.
This will be bullish for equities.
The recent pivot low broke structure to the left, where the low in late April was broken.
This is now a bearish retracement towards the highs, and will be watching for fib levels or a double top as resistance.
The bigger picture monthly chart (below) shows a big supply zone resistance at 3%. This area of supply has been hit, and a further reaction to the downside expected.
Also, the yield is stretched away from the monthly 21ema, with the 21ema currently below the 200sma.
The stochastic momentum index (SMI) is also on overbought zone with bearish divergence.
3% should be a big resistance level for now.
Short term Fibonacci target of ~2.6%.
This will be bullish for equities.
The recent pivot low broke structure to the left, where the low in late April was broken.
This is now a bearish retracement towards the highs, and will be watching for fib levels or a double top as resistance.
The bigger picture monthly chart (below) shows a big supply zone resistance at 3%. This area of supply has been hit, and a further reaction to the downside expected.
Also, the yield is stretched away from the monthly 21ema, with the 21ema currently below the 200sma.
The stochastic momentum index (SMI) is also on overbought zone with bearish divergence.
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This trade idea did not work, after the run higher through 3.25%.
Hit supply and now dropping.
Initial target 2.589%