The TLT is an interesting little pattern worth watching. It has been range-bound for many weeks.
Looking at the broader picture, following the mayhem of March, there is a clean head and shoulders pattern. Should the neckline break (value highlighted in picture above), I’d say it’s heading lower.
Such a move would push interest rates higher, of course, which in turns would throw cold water on homebuilders. Having said that, I’d like to highlight these two homebuilding-dependent ETFs and their own respective price gaps.