The 10yr bond market is at key support.
The 10yr bond market continued to fall today as yields broke the 2% level, highest levels since 2019. The market has been laser focused on the “2%” level in recent months. If you look at the 10yr notes futures market, the ZN, the bonds have traded down to the 61.8% Fibonacci retracement of the 2018 lows to 2020 highs. This is a key level of support longer term. The triangle pattern max target has nearly been reached too. Since this level is so big (technically) we’d assume there would be a bounce/consolidation near these levels as the bond market also completed an ab=cd pattern. If you are short bonds, You should take note. This was discussed by me on yesterday’s “Trade Off” show hosted by Pepperstone Securities.