The chart of the US 30-year yields is scaring me.

It looks like a messy double-top that’s breaking down below the October low and below the 200-day moving average. A measured target would be something like 3.2%, which is great if you’re shopping for a 30-year fixed mortgage but implies a rough ride in near-term markets.

US 30 year bonds

US 30 year bond yields

Either that or it’s setting up for an extremely rare widening cone formation.