Forecast 10y Bonds
The 10yr bond market broke the wedge lower the last couple sessions and is getting comfortable below previous support (current resistance) at 103’26. The risk is a continuation lower to the 129’17 then 127’29 level which would test the lows from December 2019. The rise in yields may catch the attention of the USD which could rally against other major currencies and influence equities at some point too. Higher yields may hinder any near term stock market rally.