If there’s one clear downtrend out there (which has been in place for – what – decades now?) it’s interest rates, in spite of all the blather about “normalization” (news flash: it ain’t gonna happen, folks). Here’s the TNX, with the persistent series of lower highs marked:

Thus, I suspect another bond rally may be forthcoming, since prices have eased all the way back to what I consider a fairly strong zone of support.