Monthly Charts force us to take a step back and give us no choice but to identify the direction of the primary trends. We use these charts to put shorter-term trends into context and this exercise is particularly useful when the market is experiencing heightened volatility. This chart is the US 10-Year Note Futures making its highest monthly close, ever. New all-time highs are evidence of an uptrend, not a downtrend. It's clear that money continues to flow into the Bond market despite the strong rebound in stocks over the last month. This is evidence of risk aversion, not risk appetite among market participants. US Rates set the tone for Interest Rates around the world, so the trend we're witnessing here is indicative of the strength we're seeing in Bonds all around the globe.