TLT gapped higher through the median line today. This is typical price behavior around a median line. Focus is higher towards 148.90 (give or take). Remember, higher TLT means lower rates. This can (not always) correlate with risk aversion and lower Yen crosses in FX.
5/25 – After pulling back from the early April high, TLT found support at the 61.8% retrace of the rally. Price is again at the median line from the channel that originates at the March 2020 high. Markets tend to exhibit heightened volatility around median lines. I’m on the lookout for a surge higher. I’ll address implications for FX and equities if we get a strong TLT (bond) move.