Commodities and the US 10 Year Bond Yield $TNX what does a new low mean for yields? I’d argue it’s additional evidence for the bull case in bonds pic.twitter.com/ZNx8Z6WDBP

— Shane C. Murphy (@murphycharts) February 6, 2020

Today’s Chart of the Day was shared on Twitter by Shane Murphy (@murphycharts). The chart shows the CRB Index (on top), and the US 10-year Treasury Yield (on bottom). The CRB Index tracks 19 different commodities, including; Crude Oil, Live Cattle, Copper, Soybeans, Lean Hogs, Gold, Corn, Wheat, Cotton, and more. The index is currently testing a key support level and threatening to break down to new lows. Commodities and yields tend to move together. Therefore, if the CRB Index breaks to new lows here, it would likely put pressure on yields, which in turn would be bullish for Bonds.