Chart of the Day - Monday, April 11th, 2022

Today’s Chart of the Day was shared by Carter Worth (@CarterBWorth). It's a chart of the 10-year US Treasury yield over the past six decades, using a logarithmic scale. The 10-year yield rose for the seventh consecutive day today, hitting a fresh three-year high of 2.78%. Carter points out that it's currently testing a downtrend line that has been in place for more than 40 years. Yields are getting stretched to the upside here, but nobody knows for sure when this move higher will be exhausted. A reversal lower would be a breath of fresh air for beaten-down areas like Tech. On the other hand, a breakout would confirm a long-term trend change for US Treasury yields. Either way, the 10-year yield is at a critical juncture, so keep an eye on how this test plays out in the coming weeks.