Treasuries Knockin' Again

Mama, take this badge off of me
I can't use it anymore
It's getting dark, too dark to see
I feel I'm knockin' on heaven's door
--Bob Dylan

Ten year yields are once again doing work at the top of the channel. In technical analysis, each time price returns to a resistance (support) line it chews thru a bit more supply (demand), thereby weakening the tendency for hesitation at this point.

Also hard not to spy an inverse head-and-shouldersy pattern heading to completion.

Although I booked my Treasury short a couple weeks back, it would not surprise me if rates pierce resistance here for another leg higher. Thus far, stocks have shrugged off higher Treasury yields.

Will be interesting to see whether this ignorance continues should rates step up again.

position in SPX