The ProShares UltraShort 20+ Year Treasury ETF (TBT) remains directly related to the direction of the stock indices. The correction off of last Thursday's high in the emini S&P 500 has been accompanied by a correction in the TBT.
This reflects a flight out of risk into the relative safety of the bond market, which in turn compromises the price structure of the TBT, as it represents longer-term rates.
As we speak, the TBT hovers just above the October up-trendline, now at 21.10, which much contain the weakness to avert downside continuation to 20.50-20.30.
Under the circumstances, we could expect such weakness to coincide with additional weakness in the equity indices.