Chart of the Day - Thursday, June 13, 2024

🏆 Today’s Chart of the Day was shared by Ross J Brown (@RJB_Financial).

• The +20-Year Treasury Bond ETF ($TLT) is on track for its best week year-to-date, closing at a two-month high today. 

• Ross points out that $TLT is testing a level of polarity, around $93. This level has acted as either support or resistance numerous times in the past two years.

• Since the pandemic, $TLT has been in a nasty downtrend. However, it has stabilized this year, forming a higher low in April. Today's breakout opens the door to the December peak (around $100). Clearing this hurdle would mark a higher high and, therefore, a new uptrend.

The takeaway: $TLT is trying to reclaim a pivotal level, around $93. The next major resistance level is the December high, around $100. Clearing the December highs would confirm a new uptrend.