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$TLT’s incredible multi-year rising looks is almost too perfect, but this time it is facing immense rates rising pressure compared to previous years. Markets are pricing an 80%+ rate hike probability in 4-5 days time so it could be argued that $TLT’s decline has been priced in already in the short term, & therefore good for a “buy the news” long trade.

Breaking its long term support would require much more than expected rate hikes later this year IMO, so we shall have to wait & see.