A 'death cross' in the 10-year Treasury chart signals new lows ahead for yields
A death cross in the benchmark 10-year Treasury note yield was taking shape Wednesday, forming a pattern in charts that point to the possibility of fresh lows for rates in the government debt used to price everything from mortgages to car loans.
A breach of the 50-day yield trend below the 200-day may also come counter to the notion that rates should be rising, while the Dow Jones Industrial Average DJIA, +0.25%, the S&P 500 index SPX, +0.29% and the Nasdaq Composite COMP, +0.15% are all at or near all-time highs. “As to the predictive ability it can be rather a coin flip, but typically does coincide with further weakness, in this case, yields going lower,” he said.
Frank Cappelleri, a desk strategist at Instinet told MarketWatch that quizzical behavior of yields this year against the backdrop of expectations of eventual tapering of asset purchases by the Federal Reserve and rising price pressures is worth monitoring. Chartists also like to point out that death crosses, and the inverse golden cross, tend to affirm rather than predict patterns in the market.
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