Technical Update - US 2 & 10-year Treasury yields and Notes

On the weekly chart there is massive RSI divergence indicating the uptrend in yields are stretched. IF 2-year yields take out this week’s low at 3.83 we could see a correction down to around 3.45 – 3.18, possibly dipping down to support at around 2.85.
If weekly RSI closes back above its falling trend line yields are likely to resume uptrend and make new highs

US 10-year Treasury Yields has bounced from the 0.786 retracement at 3.49 dipping below but rebounded from the 200 daily Moving Average. Rebound has reached 0.382 retracement at 3.68 and if it moves back above the 55 and 100 Moving Averages the 0.618 retracement at 3.83 is likely to be tested.
If 10-year yields moves back below Monday trough at 3.42 it is likely to take out key support at around 3.32. If that scenario plays out 10-year yields could drop to around 3%.

The US 10-year Treasury Note future failed to close above the 200 MA and has retraced 0.382. However, RSI is now back above 60 threshold i.e., in bullish sentiment but if the T-Note closes back below 100 MA i.e., below 112 27/32 bear trend is likely to resume.
For the 10-year T-Note to establish a bullish trend short- and medium-term a close above 116 8/32 is needed. If it does there is room up to around 121-122. A close above the upper falling trendline could be an indication of this scenario to play out.

Below is the daily and weekly chart with Ichimoku cloud. Daily price action was rejected failed to close above the cloud and is now back below.
Weekly is still well below the Cloud and below falling trendline. The 10-year T-Note is thereby still in Bearish mode short- and medium-term i.e, higher yields should be expected.