Ten Year Bond Yields (Quarterly)

     Today starts a series on the U.S. Government 10 year bond yield, but with a different twist, as I will focus a bit more on DeMark indicators. Please refer to http://www.marketstudies.com for more information on these indicators.
      Starting from the swing high in 2Q2007, we had a Buy Setup complete (bar #9 marked) in 1Q2009. This caused a TDST resistance line to be put in place at the 53.16 level (red dashed horizontal line). Whenever a buy setup is finished one should anticipate at least a retracement rally, and this is what happened here.
     Notice that the bond yield ran into resistance twice at the 61.8% fibonacci level. The first time it was in conjunction with the short moving average (2Q2009) and the second time in conjunction with the medium moving average (2Q2010). With the resistance being strong it appears that the market now wants to retest the recent lows.
     Also note that from our 2007 starting point we cannot find a price bar with a high greater than any of the four price bars prior to it. This means that we cannot find an Elliott Wave in this chart.
     The analysis will continue next time with the monthly chart.