10yr yields hit the highest levels since September 25th yesterday, but that's about the most interesting thing that could be said about the trading session. The catch is that yields were just a hair higher than Friday's, themselves just a hair higher than Thursday's. In other words, bond markets have been consolidating after the initial thrust of selling pressure that followed last week's FOMC Announcement.

The stock lever was only connected inasmuch as stocks and bond yields were both higher today. Other than that, the easiest observation to make is that Treasuries seemed to be unwilling to go much higher in yield than 2.18 (in 10's). We can watch that level today to see if that continues to be the case.  In the event of a rally, we can also watch 2.165, which clearly turned away both of the noticeable rally attempts yesterday.

Indeed, "level-watching" is all we can really do today in the absence of data.  Bond markets are giving the sort of mixed signals that suggest the data will be the next source of inspiration.  Technicals are still definitely negative, but a few of them are showing the early stages of potential reversals.