Bonds Rattle the Tape 📈 The Daily Chart Report

$SPX rate of trend from the lows is now broken - yet we remain above a well-tested S/R zone and the 200-day simple average. pic.twitter.com/JDnpb0mAOg

— Shane C. Murphy (@murphycharts) May 21, 2025

It's pretty rare that US equity markets have any reaction to a 20-yr UST bond auction, but we got a big one today as they fell around -1.5% immediately after a weak auction, ending the day solidly lower led by the RUT (-2.8%). The big cap indices were between -1.4 & -1.9%. pic.twitter.com/haejlRug25

— Neil Sethi (@neilksethi) May 21, 2025

The time correction is over and now markets are guilty until proven innocent in the near term as they are below declining 🟠5SMA$SPY $QQQ $SMH $IWM

Don't buy the dip! pic.twitter.com/QJYgvdAHMP

— Brian Shannon, CMT (@alphatrends) May 21, 2025

Industrials just jammed their gears at the November post-election highs.

That level is now the pressure valve—break it, and momentum fires back up; stall, and the engine could misfire towards the gap and a confluence of MAs below.$XLI pic.twitter.com/3OI63AeKmO

— Wall Street Wingman (@WallStWingman) May 21, 2025

VIX finding a floor at 17? @CMTAssociation #VIX pic.twitter.com/wojZbHF8A4

— John Kolovos, CMT, CFA (@John_Kolovos) May 21, 2025

Bitcoin with an imminent 50/200 cross as it's breaking out to ATH$BTC pic.twitter.com/JDocRxtoJn

— David Rath (@DJwrath) May 21, 2025

If this Bitcoin breakout sticks, I think there’s a pretty obvious catch up trade here. $BTC $MSTR pic.twitter.com/6PuDhcTb10

— Donovan 🎰 (@TheDonInvesting) May 21, 2025

Microstrategy or Bitcoin?

I see this debate a lot recently.

It's a valid conundrum. But easy to solve, because this is what the use of Relative Strength is all about.$MSTR above a rising 200 day in this relationship. BUT until we are out of the purple box, I don't think… pic.twitter.com/ssNe5pFsdb

— Ian McMillan, CMT (@the_chart_life) May 21, 2025

#Gold #Silver I don't believe we're near the end here when Sprott gold/silver trust continues to trade -4.5% below NAV. I see so many advisors who have no exposure. I bet they will eventually, when the gold price is a top story on BNN or CNBC every week. pic.twitter.com/hFbJm5l71d

— Peter A. Schenk (@BASETRADER_CMT) May 21, 2025

$tlt chart request - auction at 1:00. Back below $85 again pic.twitter.com/X3Q4bxg6Tp

— Scott Redler (@RedDogT3) May 21, 2025

Bonds are sending a message:

- US 30yr yield is as high as its been since prior to the Global Financial Crisis.
- Japan 30yr yield is above 3% for the first time since 2000.
- UK 30yr yield at highest level 1998.

This is unfamiliar territory for many investors. pic.twitter.com/LytnxSMC1v

— Willie Delwiche, CMT, CFA (@WillieDelwiche) May 21, 2025

Rates have broken out of a 40 year downtrend.

If this were a stock, we’d call it a Stage 2 uptrend.

And like any new trend, higher highs attract sellers who aren’t convinced — leading to weaker auctions, hesitant capital, and more volatility along the way.

Get used to it. pic.twitter.com/bzehDWVc78

— The Trading Initiative (@howtoswingtrade) May 21, 2025