Unsurprising, Uneventful, Unsettling?

Bonds rallied fairly hard during the first four days of the week, entirely restoring the ground lost in the previous week.  Yesterday afternoon, we discussed the short-term technical considerations surrounding that move and concluded some resistance would be unsurprising.  With that in mind, the resistance is here, but a quick glance at the longer term chart frames it as uneventful.  It should not be unsettling.  In fact, bonds are arguably settling back into the previous range after a brief, panicked foray up and over 4%.