Long-term US Treasury Bonds, as measured by $TLT, are approaching a significant breakout point near the $100 level, with rates falling and a surge in put sellers. The bonds are nearing their 52-week highs, a level not seen since March 2022, and are currently outperforming the stock market. The Bloomberg U.S. Aggregate Total Return Index has also hit a new 52-week high. This movement indicates a potential shift towards bonds as a safety play amidst a derisking market. $TLT is near the HoW heading into NFP.