You can see just how quickly Treasuries have sold off over the past few weeks, going from a breakout to new highs to all of a sudden back down to the long-term 200 day moving average on TLT. In fact, Treasuries have sold off so hard that TLT could not even must a gap-fill up to the 50 day moving average. Calling a top to a major bull run is a tough game, but at the very least we have a steep correction on our hands that is likely, at a minimum, to need time to heal even if this is not the great top on bonds.

The 200 day moving average on TLT is likely a place for shorts to cover, though if this is a major top the selling tends to accelerate eventually.

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