Technical Take on the 10s, circa 2/12/07

It's been a while since I threw a chart up on this here blog. So let's take a look at the 10-year T-Note futures. You can see that we recently broke above a short-term daily downtrend, but that we had a nasty pullback Friday ... and aren't doing so hot today. We're now testing that prior resistance, and it'll be interesting to see if it will prove to be support. Not shown on the chart is the 200-day moving average, which is also right around these levels.

Bottom line: If the bond bulls are going to pull it out, they better act soon.