Rates on the 10-Year Note gave up little ground last week, suggesting they want to move higher. If so, they’ll have a chance to make an important top at 4.92%, the Hidden Pivot ‘d’ target of the reverse pattern shown. A precise reversal is likely there, given the obscurity of the pattern that produced resistance. We can use it as a minimum upside objective as well. That’s bad news, considering the amount of refinancing ($9Tr.) the U.S. Treasury must do this year. There are no guarantees that the 4.92% target will cap the uptrend, but if it gives way, it will put a lot of weight on stocks.