At the end of the day, how bond yields react to this week's central bank meetings will be crucial for stocks; forex and commodity markets. The long bond chart is back to its 200 day moving average for the first time since December and is testing other key support levels.

This looks like a chart to watch no matter which markets you trade.

The long US T Bond has arrived at the top end of a support zone which is made up of the 40 week (200 day) moving average; established trend lines and the 50% retracement.

The slow stochastic in the box below the chart is still well out of the over sold zone and is displaying downward momentum. This suggests that if the support does break, the current downtrend could extend. The next key level might  be the peaks from the middle of last year around 161/163

To put all this in a yield context. The 30 year bond yield is currently around 2.44%. It reached a low (price high) of 2.09% in July. The next potential support associated with the price peaks in the middle of last year would see yields rise to the range of 2.65/275%.