We saw TNX (^TNX) break its long term MA support band and then we came back to check the pulse on that break.
We established that the yield’s move down below its support band was not a break-and-snap-back action.
However, in the recent five weeks TNX has been trading up and even broke above the 4% mark:
Zooming in:
Is the 4% level the Rubicon?
Although 4% is a round number, we still see that the yield (4.073%) is below its weekly MA ex-support-now-resistance band, which sits between 4.204% and 4.239%.
Therefore, this move is currently classified as a normal retest pattern.
We will keep tracking.