This is the 2-year T-Note crash and is the driver of any rate increase that the Fed may still implement. The Fed may start to pause, or start giving the impression it might slow down in increasing the rates. Higher rates are not designed to take liquidity from the markets, but in the end, that is exactly what is happening. Who wants to jump into real estate when the majority can no longer afford to take out a loan, or their wages can no longer keep up. Slowly squeezing the lifeblood out of the markets has been happening since the 2000 peaks and they start to drop rates once the markets have obviously started to pop!
We can see how the Death Cross on the weekly chart forecast a major decline, and once this chart starts to reverse, then a Golden Cross will happen. This could still take months but it is something to watch for.
Virtually every T-Note related COT report shows that the commercials are extremely bullish and this 2-Year T-Note report shows how bullish they really are. This COT report will change as we head from one extreme and then reverse back to another extreme.