All sectors of the treasury market are still at short-term highs. The only good news here is that the MACD's may all be about to give a sell signal. However, even then, prices will have to drop to short-term lows before there can be any celebration. In short, the treasury market is telling us that there really isn't much hope for a strong equity market rally soon.
Both the junk bond markets, and the high quality corporate markets are taking money as well. Notice that both have tremendous upside room based on the lower MACD reading.
All of these charts tell us that investors are looking for yield right now, which means money is coming out of the equity markets.
