It's been awhile since I've looked at the Treasury market, so let's take a gander. I'll be using the 7-10 year Treasury market chart as a proxy.
On the 1 year chart, notice the prices have been in a clear uptrend, continually making new highs by breaking through previous resistance levels. This is a solidly bullish chart.
On the six month chart, notice that prices rise then sell-off a bit after hitting new peaks. This is healthy.
On the six month SMA chart, notice the following:
-- Prices have continually bounced off the 50 day SMA as support
-- The 50 day SMA has continually moved higher.
-- The 10 and 20 have consistently been above the 50 day SMA, although the 10 and 20 have intertwined over the same period.