Although TLT’s downtrend reversed last week from very near the 101.33 Hidden Pivot where we’d expected it, I doubt that this will mark sellers’ final gasp. It would take a rally exceeding the 104.83 ‘external’ peak recorded on Valentine’s Day to bring some bullish energy to the chart. However, my hunch is that a test of structural support around 99.40, where a double bottom was carved out in the final days of 2022, is more likely.