Bonds rose fairly aggressively for the first four days of the week, fully regaining ground lost the previous week. Yesterday afternoon, we discussed the short-term technical considerations surrounding this move and concluded that some resistance would not be surprising. With that in mind, resistance is right here, but a quick look at the longer-term chart spots it as quiet. It shouldn’t be alarming. In fact, it can be said that the bonds are stabilizing back in the previous range after a short panicked rally higher and more than 4%.
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