TBT and YIeld Surge in a Flight to Safety Unwind

In our upsidedown world, let's notice that TBT has surged off of last Thursday's new multi-month low at 32.99 to this AM's pre-market 33.84, suggesting that the flight to safety into Treasuries ahead of the weekend is being unwound, which apparently is more forceful than the idea that the Fed will delay its "tightening" efforts because of the economic fallout from hurricanes Harvey and Irma.

Be that as it may, we see TBT heading for a confrontation with EXTREMELY SIGNIFICANT resistance hovering from 33.90 up to 34.70, which if hurdled and sustained, will trigger initial buy signals that a near term upside reversal is in progress...