The continuous monthly chart for US 10-year T-Notes shows the major (long-term) downtrend was extended to a low of 130-26 during March. The next downside price target is 129-016, the 50% retracement level of the previous major uptrend from 117-126 (October 2018) through the high of 140-235 (March 2020). Note monthly stochastics have only recently completely crossed into oversold territory below 20%, meaning there still looks to be some room to the downside for T-notes. Also note there is an old pocket of trade between roughly 128-00 and 132-00 (from June 2019 through January 2020), in line with the 50% retirement level, where some buying interest could be uncovered.

Recall the futures market reflects the price of US Treasuries, and as prices go down yields go up. As of this writing the yield on the 10-year T-note is 1.717%, with some analysts calling for a continued increase to 2% or more. I’m not sure this monthly chart is that bearish for prices, but we will wait and see.