A midweek rally fell somewhat shy of the 5.51% resistance I drum-rolled here earlier. This Hidden Pivot is a potentially very important number, since it is the last technical impediment I can identify on the daily chart that could stop a runaway rally in rates capable of devastating the global economy. We’ll have a better idea whether the rally is losing steam once we’ve seen sellers interact with a corrective target at 5.18%. A decisive breach of that ‘hidden’ support would hint of more relief to come for borrowers who are stretched nearly to the breaking point.
TNX.X – Ten-Year Note Rate (Last:5.24%)
