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INTEREST RATES

March T-bonds were slightly lower overnight. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 152-05 are needed to confirm that a short-term top has been posted. If March resumes the rally off October's low, September's high crossing at 156-14 is the next upside target. First resistance is last Wednesday's high crossing at 154-18. Second resistance is September's high crossing at 156-14. First support is the 50-day moving average crossing at 152-05. Second support is the reaction low crossing at 150-30.

March T-notes were lower overnight as they extend this week's decline. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off November's high, October's low crossing at 123.270 is the next downside target. Closes above the 50-day moving average crossing at 124.202 would confirm that a short-term low has been posted while opening the door for a possible test of November's high crossing at 125.065. First resistance is the reaction high crossing at 125.000. Second resistance is November's high crossing at 125.065. First support is the late-November's low crossing at 123.295. Second support is October's low crossing at 123.270.

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