10-year Treasury Yield Backs off Long-term Resistance
The 10-year Treasury Yield ($TNX) remains in a long-term downtrend that is dominated by a falling channel. The upper trendline has been touched at least four times since the mid 90s. More recently, the 10-year Treasury Yield hit resistance around 48.50 at least three times since May 2008. A break above this level is needed to reverse the long-term downtrend in rates and uptrend in bonds.

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