Eye On Yield Ahead Of Jobs Report

The technical setup from the perspective of the benchmark 10-year Treasury YIELD argues strongly that the downmove from the recent 4/25/24 high at 4.74% into this AM's low at 4.28% is the unfolding of a secondary major downleg off of the October 2023 (YIELD) bull phase high at 5.00%. 

An equidistant downside swing target (see red dotted line on my attached Daily Chart) projects an intermediate-term target in the vicinity of 3.50% to 3.60% prior to the reassertion of the dominant YIELD bull market that started at the March 2020 Pandemic Low of 0.40%.

For the time being, as long as 10-year YIELD remains beneath the sharply down-sloping 20 DMA, now at 4.44%, YIELD bears will remain in direction control... 

The post-April 2024 downtrending setup presupposes a negative YIELD reaction to tomorrow's Jobs Report... Last is 4.31%...

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