My updated comment on the client group on Thursday afternoon:
US 10-Year Bond Yield (US10Y)
Possibly (in my view) one of the most important charts for any trader/investor.
Strong upside follow-through from (1) rising trend line and (2) bull flag technical formation. Big bounce off 2.50% to hit a high of 3.29% today.
The rise in yield has coincided with the drop in equities.
Technically: Now, extended slightly extended as it trades at the upper boundary (2 standard deviations) over 50 days, thus a minor retracement wouldn't be unexpected.
Fundamentally, the commitment from the US Federal Reserve could keep yields elevated over the medium term.