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Notice the 7-10 year part of the curve is still very high. And....
Prices are really high relative to the last 5 years.
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Let's take a closer look at the three month chart.
-- The 20, 50 and 200 day SMA are all moving higher
-- The 10 day SMA has moved lower and crossed below the 20 day SMA
-- Prices have run into upside resistance at the 20 day SMA
-- Prices are still above the 38.2% Fibonacci retracement level from the rally that started in early November
There is a bid in the Treasury market caused by concerns about stock earnings. Considering we're at the beginning of earnings season and that earnings season is probably going to be pretty bad I would think this bid will be in the market going forward for a bit.
