About a month ago, we published that (back at the time) The 10-Year Treasury Note Yield Breaks Long-Term Support With Conviction.
Today we revisit TNX (^TNX) to check if the break was a quick-pierce-and-snap-back situation, or this was THE break.
Let’s look at the yield’s weekly chart, overlaid with its now-broken moving average support lines:
Zooming in:
Well, the question is easy to answer.
That was not a break-and-snap-back action. The 10-year treasury note yield closed last week at its lowest percentage since it broke the MA support.
With the Fed’s upcoming rate decision expected later in the month, it may be that the yield will continue going lower from this point.