Although the market is rebounding, this indicator is showing a warning sign.

A few days ago, European Central Bank (ECB) unveiled a new tool, the Transmission Protection Instrument (TPI), saying it would buy bonds from countries that have seen their borrowing costs shoot up.

The closely watched indicator before this tool is used is the spread between Italian bond yield and German bond yields.

The spread was 252 bps just before the ECB's emergency meeting. The spread is now reaching the same level now. Once ECB starts equipping this tool, Euro will start falling again.

Don't miss this opportunity.