Rarely do we see such a well-behaved and long-lasting consolidation trend in bond markets.  This refers to a series of higher lows and lower highs.  We can draw trendlines for those lows and highs based on intraday trading levels or on the "confirmed" closing levels.  (Read more on "confirmation" as it related to technical analysis HERE).  

The following chart includes both of those sets of lines.  Both share the exact same slopes.  In other words, this consolidation is perfectly flat no matter how you slice it.  Other technical studies (like the slow and fast stochastics in the lower section of the chart--both momentum metrics) only adds to the sense of "SIDEWAYS!"  Both are in the dead center of their respective "overbought/oversold" ranges, meaning that both short and long-term momentum are completely neutral.

There are no big ticket events on the calendar today.  The end of the auction cycle is one potential for a shift in tradeflows though.  That occurs at 1pm with the 7yr Treasury auction.  Even then, it looks like we'll be waiting for a confirmed break of the consolidation trend before it makes sense to get too optimistic or concerned.