Yesterday’s price action in the 10-Year Treasury Notes nearly formed a bearish shooting star, but failed (by strict definition) to settle low enough.
Instead, it created a bullish engulfing over the prior two sessions. The settlement yesterday was also the highest since late-May, and a settle through this level (125-13+) could set stage for more aggressive advance. We may be seeing that now as TYU advances 12 tics from yesterdays settle.
Finally, longer time-frame consolidation since early-May suggests there are little overbought conditions prevailing.