Note: all comments regard yields, not bonds: “new uptrend” = uptrend in yields and thus a bear market in bonds.
The recent pullback has left a new higher base above the daily/weekly breakout level around 1.403%. This higher base confirms the primary uptrend and thus strong bullish outlook for yields over the longer term. Our focus remain on the first resistance at 2.05% (minor projection) and the much more hefty projection around 2.70%. Here the pivots of 2014 converge with the 162% extension.
Yields are outright bullish as long as 1.403% holds as new support.