You've probably been hearing this a lot the past few days: the 10-year rate has broken a major multi-year downtrend. Some people say 15 years, others say 30. My chart (this is the monthly) shows a clean falling trendline dating back to November 1994 that has definitely been broken this week. I fully realize that we have to wait until the end of the month to pronounce the monthly trendline broken but still...
Now a mistake most people make (including me, all the time) is to automatically conclude that, since a downtrend has been broken, an uptrend is about to start. Which is to forget that a market can do something else besides going up or down, it can go sideways. After the dust settles (and obviously emotions are running high these days), we could be stuck in a 5%-5.50% range for many months to come.