Spain 10 Yr Yields: Grudgingly neutral

Note: all comments regard yields, not bonds: “new uptrend” = uptrend in yields and thus a bear market in bonds. 


Complacency remains the name of the game in Spain. The spread versus most Northern European countries has hardly changed.  As long as yields remain below the zone around 1.59<>1.60 we must be technically (and grudgingly) neutral. Do we trust the situation? Absolutely not…

  • Primary trend: neutral
  • Outlook: major reversal & positive > 1.60%
  • Strategy: long-yields > 1.60%
  • Support: 1.368% / 1.155% / 0.89%
  • Resistance: 1.60% / 1.88% / 2.98% / 3.998%
  • Outlook cancelled/neutralized: n/a

Weekly chart Spanish Government 10yr Bond Yields