"Chart of the week -- As subscribers know, I've been keeping an eagle eye on the daily chart of the 30-year Treasury bond. As of yesterday, the "long bond" had sunk exactly to its support at around 114. If support breaks, interest rates will be heading dangerously higher. The chart shows a double top (first two red arrows). Then a break to the downside and a formation showing a triple top (second set of three red arrows). As of yesterday's close, the 30-year T-bond was sitting exactly on critical support. If bonds are down today, it won't be pretty. (This paragraph was written Thursday evening, and yes, I do work at nights.)
Friday Alan Greenspan called higher Treasury rates "the canary in the mine" and forecast rising rates. Greenspan is almost always wrong, but this time I agree with the former 'Maestro.'"
from Richard Russell's Dowtheoryletters.com 3/26/10