Yields Trying to Hold the 2024 Ceiling

When bond yields began spiking abruptly after last Friday's jobs report, one of the immediate saving graces was the fact that the late January highs were still a fair amount higher.  Then on Monday, "fair" dwindled to "microscopic" after the ISM services data and additional snowball selling.  10s stopped just shy of 4.18%, effectively right in line with the 4.196% from January 19th. In addition to being the 2024 highs, 4.19% (or close to it) was a frequently visited ceiling 2 weeks ago.  This is the way "key levels" are identified and today's trading is only adding to the case.  10s topped out at 4.17% overnight and have been making steady progress lower since then--all the in absence of any major fundamental motivation.