The technical backdrop for Treasuries is weak, but the tendency to keep cards close to the vest in front of a long holiday week end prevails. For that "flight" bid to give way to selling, the S&P 500 would likely need to jump much higher.
Currently S&P’s trade 2.5% higher on the year, having advanced nearly 6% since the low trade on the first session of this month. Breaking above the late December highs and making fractional new highs this morning has not been enough to attract momentum buyers.
Should S&P’s find a spot 15 points higher on the day, testing 2100, Treasuries could take a meaningful turn lower. Otherwise, it is more likely a quiet session.