The US 10 year yield moved lower this week, helped by flow of funds out of the longer end as the yield curve between 2-10 year moved negative on expectations the Fed would be forced to tighten hard to halt inflation.

Looking at the hourly chart, the high yield for the week reached 3.10% on Monday after closing last week at 3.084%. The lows for the yield came in near 2.9% where there were three separate lows from July 12 twice, July 13 twice and again today (see red numbered circles). That level will be a key barometer for traders. Stay above, and there the yield can move back to the upside. Move below, and there should be more downside momentum.