10-Year Treasury yields are testing support at 1.55 percent. Falling yields suggest that the current stock market rally is likely to fail: money is flowing into bonds — not stocks. Failure of support would strengthen the warning. Recovery above 1.70 percent is less likely but would bolster the stock market rally.

Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters.
Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis.
Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008/2009 and 2020 bear markets well ahead of actual events.
He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.