- Yields have come back some way from the recent lows of 2.84%. Now at 3.145%, which is right at the neckline of the weekly SHS top. The latter has a downside objective of 2.51%, so the first attempt to reach it fell well short. I will regard this as unfinished business.
- As with many technical patterns, if it is too clear, the market will almost always come up with a curve ball to confuse. This pullback to the NL should generate a lot of doubts and worries about trend reversal (ie Bill Gross trade). Me, still believe SHS top to perform.
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