Did Jobs Report End Upmove in Longer-Term YIELD?

Today’s Jobs Report in general, and the sluggish wage component in particular, have weakened the ProShares UltraShort 20+ Year Treasury (TBT) (pressed long rates lower).

However, my technical work argues that this pullback should be used as a buying opportunity ahead of another upleg that projects to 50.00 next, in route to an intermediate-term target zone of 54.00-56.00.

At this juncture, only a sustained decline beneath 44.50 will compromise the developing bullish, technical set-up.