Nothing of any great importance came out of yesterday's 10:00 numbers; Personal Income was slightly lower than expected but everything else was as expected, and who knows if month-old numbers even matter.

From low yields made early yesterday treasuries faded until around 10:30 when buyers stepped up and by noon the 30-year yield had made a new low for the day, the 10-year yield following 45 minutes later, but right at 1:00 yields quickly backed up just over a basis point. That may not sound like much, but it was the biggest pullback since the high yields were printed.

I looked at my economic calendar and saw that there was a 10-year TIPS auction at 1:00 and figured that's what turned things around, but was it really? Some of you already know where I'm going with this, but I have some new readers so bear with me. My yield charts only plot from 8:20 to 3:00, the old CBOT floor trading hours, which I've found to be the most active trading hours. These charts reveal price gaps that don't show up if overnight trading is included, except after a weekend or a holiday.

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Conventional wisdom has always been that all gaps get filled, which is not a very bold statement if you don't qualify it with a time frame, but the point is that gaps produce important technical levels, but only if you use charts which don't plot during overnight trading.

I mentioned in yesterday's update that for the bearish gaps left on Tuesday to be filled, the 10-year yield would need to reach 4.233, the 30-year 4.843, and at 12:58 yesterday the 30-year made its low yield for the day at 4.843 before backing away to 4.854, so was it really the auction that stopped the selling?

About 40 minutes later the 30-year yield made a new low at 4.842, but that one proved to be the lowest yield for the day. The 10-year yield reached 4.243 just before 1:00, so a basis point shy of filling its gap but it never traded any lower, and since that gap showed up on the weekly chart it seemed more compelling.

Treasuries opened with mild bids this morning, but it was just enough for the 10-year to fill the gap it left on Tuesday without even a tick to spare, the low yield is exactly 4.233 and the last trades is 4.253. At 9:45 we'll get Flash Manufacturing PMI expected to show 51.9, and Flash Services PMI expected to show be 52.9, and both of those can be real market movers.

Whether this week will be defined as the week which saw yields finally break out of multi-month channels and through trendlines, or just another week with a little more volatility than what we've come to expect, could be a function of those numbers.

The 5-year yield finished up last week at 3.828, the 10-year yield at 4.231 and the 10-year yield at 4.840, so right now they're trading mixed for the week, the 5-year still above its channel, the 10-year right on its upper channel line, the 30-year near its lower channel line.