TNX, the interest rate on the ten-year treasury note,  fell 7.94% last week closing back below the 30-dma at 17.04 and printed an engulfing bearish candlestick on the weekly chart. This is definitely not bullish for equities. First support is between Friday’s close and 16.60. Expect resistance near 20.00. The detrended oscillator is oversold warning of a bounce today or tomorrow.

The triangle on the daily chart was triggered on Friday but only marginally.  The triangle measures a minimum decline to below 14.00.

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