Chart of the Day - Tuesday, March 1st, 2022

Today’s Chart of the Day was shared by Sam McCallum (@honeystocks1). It's a daily candlestick chart of the US 10-year Treasury yield ETF, $TNX, over the past year and a half. With all the action in Stocks and Commodities today, this development didn't get the attention that it deserves. The 10-year yield ($TNX) just logged its biggest two-day decline since March 2020. It's currently retesting its recent breakout level around 1.70%. This is a pretty important level for the 10-year yield. It acted as resistance throughout all of 2021, until it finally broke out in January of this year. You'd expect 1.70% to act as support on this retest, but if it doesn't, that would qualify as a failed breakout or bull trap. Either way, this is a pretty crucial test for the US 10-year yield, so keep an eye on how it plays out in the near term.