The bond market still feels unsettled on the week

Following yesterday’s move in Treasuries was a bit of a doozy. 10-year yields surged up to a high of 2.849%, up by nearly 10 bps, before falling back to hold lower on the day by around 4 bps to 2.706%. It was evident that bond bears were not throwing in the towel after Tuesday’s action but the return of bids late on perhaps says that they are respecting key technical levels:

The broken neckline (white line) and 100-day moving average (red line) are still key levels that are holding on the daily chart.

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