(Posted on behalf of mptrader.com and author Mike Paulenoff)Wednesday May 23rd, 2018 by Mike PaulenoffTBT (longer term Treasury YIELD)-- let's notice that TBT has pressed into a very important support zone from 38.40 (20 DMA) to 37.60 (prior pullback low), which we discussed yesterday. So far, the pullback is following my preferred near term technical script, with TBT's weakening over of a near term overbought condition, and perhaps in sympathy with some flight-to-safety concerns (EM, Turkey, stock market weakness). As of right now, I my pattern and momentum work tell me to view the most recent upleg from 35.87 (4/02) to 39.73 (5/17) as completed, which has been followed by a correction that so far has pressed to today's low at 38.38. While I doubt the pullback is over, I am not expecting additional weakness to break and sustain beneath 38.00-37.75 prior to the initiation of a new upleg. What will be the catalyst for another upleg? I really don't know, but since no one is expecting any inflation, my sense is that there is a "reality check" data point approaching that will get the inflationary juices flowing again, and which will put the Fed into a bit of a quandary. Last is 38.45/46 MJP5 23 18 TBT Day GIF Mike Paulenoff is author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!* I really like Mike's charts and analysis. This is shared with my readers here via MPtrader.com *Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. Follow us and check back occasionally for additional articles or comments.