New Up-Leg Emerging for 10-Year Yield?

During the past 3-4 weeks, my preferred scenario called for the 10-year Yield to stall at around 2.50% followed by a decline into the 2.10-2.00% support zone prior to my expectation of the emergence of a new up-leg that propels Yield to 2.90-3.00%.

That said, however, my near-term pattern work is warning me that last week's (Jul 9) low at 2.17% followed by a sharp rally to yesterday's high at 2.47% signifies the end of a June-July correction and the initiation of a new up-leg.

If a new up-leg is emerging, then I must modify (raise) my entry window for "buying Yield" from 2.10-2.00% to 2.32-2.27%.

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