While the short-term and mid-term (7-10) year Treasury markets are still firmly in a rally, the longer-term chart (20+ years) is showing a clear break.
First, the one year chart shows a clear break of the uptrend.
But looking closer at the chart notice
-- Prices gapped down through the trend line.
-- Prices rose to the trend line
-- Prices have since retreated.
For this to be a clear trend break this trend will have to continue with the TLTs making a strong move below the 90.50 area.