Treasury yields have risen sharply over the past two months. And according to technician Craig Johnson of Piper Jaffray, the real move in rates is just getting started.
"This will be the big, new secular rising rate environment in the U.S., and it is something a lot of investors haven't seen, and it is something we need to pay very close attention to," Johnson said.
To him, the path forward for rates makes itself obvious on a long-term chart. Examining a 10-year chart of the 10-year US Treasury yield, Johnson espies a "big, inverted head and shoulders bottoming pattern."