Last week’s goosing occurred in a place too obvious to be taken seriously. TLT opened Thursday on a gap beneath December’s double low at 99.35, shaking out the many bulls who were counting on the low for last-ditch support. Without their drag to burden the bounce that ensued, Friday saw a vertical climb that began with a short-squeeze gap well above the previous day’s close. The chart shows how far shy of persuasive the rally fell nonetheless, and what TLT must do before we can safely assume the bull market begun in October 2022 has resumed.