We have been following TNX (^TNX) since the first quarter of 2022, when it was below 2%.
Back then, the 10-Year treasury note yield has already been respecting its 59-week SMA support line, which registered as such in January 2021.
With time, TNX tested support quite a few times, however, it has not broken it with conviction.
Until now.
Last week we posted an update on the treasury note yield. TNX has been trading inside its support band for the last three weeks (as of a week ago).
Last week, this happened:
Zooming in:
This is a break with conviction. The candle is relatively long, started below support, and has no wicks.
It is the first time since the beginning of 2019 that TNX is below support.
Is this the beginning of an era below the ex-support band?