Interest rates over the past 10-years, reminds of the picture above, they keep bouncing and creating a series of lower highs. Is the trend of lower highs about to end?
Below looks at the yield on the 10-year note, over the past decade.
CLICK ON CHART TO ENLARGE
Yields on the 10-year note hit all-time lows back in 2012. Did a double bottom in yields take place at (1) back in July? Humbly feel its too soon to tell.
Yields broke above 1-year falling resistance and tested the old resistance as new support at (2) and have pushed higher since.
Yields are testing falling resistance right now. Next resistance level that is a huge test for interest rates, comes into play at (3).