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First, note that the Treasury market is breaking out. It has moved through upside resistance and has now crossed the 200 day EMA -- a move into bull market territory. But, considering the massive supply issues that are coming on line this is a bit hard to believe.
The SPYs were a bit anemic today -- which is actually a good thing considering their drop yesterday. Notice that at the end of the day prices attempted a sell-off. But despite increasing volume prices just didn't move lower by a large enough amount.
