Bonds can't seem to find a bottom, and we're getting to the point here where we can see a capitulation move.

$83 on TLT was a key level to hold and now that we're trading below it, I worry that this could be a catalyst for a large decline in markets.

If we continue down, the support levels on the chart are the next levels to bid. We can potentially break below all time lows if the selling gets bad enough.

Can a further decline in TLT create a larger move down in equities? TBD.