We never like to view technical levels or technical analysis as having any reliable predictive value about the future. It's more of a framework that helps us understand how things are moving and to identify potentially significant shifts. But sometimes things happen in a fairly logical way. For instance, we know 3.5% has been an important pivot point in 10yr yields and that it had been acting as a reliable floor recently. This morning's Labor Cost data nudged yields just under the technical level and there was an almost immediate follow-through rally down to 3.47--one that's very hard to explain without saying the technical break of 3.50% acted as a trigger for more bond buying.