It's chart time again folks ...

Let's take a look at this longer-term chart of the 10-year T-Note futures. I think two things stand out:

1) The summer-to-fall rally in T-Notes failed right at long-term resistance in the 109-and-a-half range. Since then, we've pulled back about two points in price.

2) The current price level (roughly 107-and-a-half) looks important. It served as key resistance or support several times in the past six years.

So watch how Treasuries behave here. A break of this support level would be an important signal that rates are headed higher, in my opinion. A rally off of it could lead to another challenge of the long-term dowtrend.