The key is to see if it can push through the resistance line that has held up for nearly three months now.
There seemed to be no solid reason for it to have rallied as much as it did, but it refuses to back off.
But I believe we should be watching the five-year yield closely.
However, a short-term rally would not surprise me.
Here’s how the technicals look for U.S. bonds and the euro. Also, an Alibaba-Facebook IPO comparison.
What is wrong with the market.
For nine straight days the S&P 500 has traded on either side of 2,000.
But it has not done much to convince me the rally is getting better as time goes on -- rather, it is getting narrower.