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S&P Breakout of Downtrend from April puts bears on watch- 2 year breakout

90 minutes into Trading, we've seen S&P and NDX both exceed downtrend lines from mid-April on breadth of about 4/1, with about 71% of the volume into Advancing vs Declining issues- US Treasury yields have backed up higher, and importantly, we've seen a breakout in the 2yr yield above .92 bps which constitutes a move above this entire Triangle pattern which has held since the beginning of the year-  The back end of the curve is moving up as well though, with 10yr yields approaching 1.88 and the entire area from 1.88 up to 1.91 is important for TNX- Meanwhile the US Dollar's rally is continuing while Gold has broken down today and could face further near-term weakness to 1210-5 as most commodities outside of Energy, face weakness- 5 sectors right now are trading up above 1%, with Tech and Financials leading.. which looks important and positive-  For now, its quite early.. with another 5 hours of trading left.  but initially, this DOES look bullish and some of the factors such as Sector rotation and Bearish sentiment seemed to outweigh the short-term concerns(I had suspected one final pullback could happen into this week or potentially next from a very short-term perspective.. and as of today's close at these levels,  that would clearly be wrong and we probably would start to turn back up higher) See charts below of S&P- Hourly, daily, Gold, and then Two-year yields

This is certainly a positive development STRUCTURALLY speaking.. and even if stretched and prices pullback, its likely that prices start to turn back up higher-  2080 will have some importance in confirmation, but an initial good sign out of equities

Gold breaking down is not encouraging for the Bulls.. and the US Dollar pressing higher has been relentless-  Movement down to 1210-5 likely before any meaningful low in Gold

Certainly a more bullish picture overall for SPX structurally than what could have been the case if SPX had spent much more time down under 2020, but above 2080 makes a clear case for a probable test of 2105, 2130.. So much will depend on today's close and ability to make immediate progress here as shorts capitulate

2 year yields have made minor breakouts of the past few days which ALSO exceeds this entire highs of the triangle pattern fromearly this year-  Important and could lead higher for TNX up to 1% or higher-  back end of the curve is lifting as well, however so no real flattening