TNX reached our 24.98 target yesterday, but ZN came up just a bit short of its 123’285 target.  This morning’s action has remedied that, as ZN just reached 123’295 — the target we first charted last May [see: Bonds and Value.]

As we discussed yesterday the delay in reaching these targets, while tiresome, has provided strong clues as to next steps.

continued for members…ZN has a very important choice to make between breaking out or reversing.It’s easier to see on the weekly chart.

And, TNX, which already reversed at the major channel top, seemingly has further to go.

UPDATED CHARTS Mar 25, 2019

So far, we’re seeing ZN break out… …TNX break down…

…and 2s10s heading for its horizontal support.  A break below 11 bps could be tough on stocks.

The rest of the market…

A quick update on the big picture and key charts…