Chart of the Day - Monday, March 29th, 2021

Today’s Chart of the Day was shared on Twitter by Grant Hawkridge (@granthawkridge). It's a chart of the US 10-year Treasury yield ETF ($TNX) over the past 12 years. The 10-year yield is extremely stretched above its 200-day moving average right now. Grant point's out that similar instances over the past decade were followed by months of sideways price action. After a sharp move higher in recent months, it would make a lot of sense to see some pause and digestion around this former support level.