The iShares Barclays 20+ Year Treasury Bond ETF (NYSE: TLT) continue to act well, suggesting equity traders might be getting increasingly afraid of something. Traders may be looking to buy some safety.

Although existing home sales are showing some sign of life now, the market does not seem to care. The TLT's continue to climb off of last Friday’s pullback low at 90.11 and appear headed for a confrontation with the December 2008-present resistance line, now at 94.20. A close above 94.20 will be a very bullish technical event near-term and will project the TLT to 96.60 next.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.