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September T-bonds closed down 20/32's at 179-24.

September T-bonds closed lower on Friday as it consolidates some of the rally off June's low. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 177-22 would signal that a short-term top has been posted. If September extends the rally off June's lows, the May 15th high crossing at 180-28 is the next upside target. First resistance is today's high crossing at 181-14. Second resistance is May's high crossing at 189-24. First support is the 50-day moving average crossing at 177-22. Second support is the June 16th low crossing at 174-29.

September T-notes closed down 90-pts. At 139.070.

September T-notes closed lower on Friday while extending the March-July trading range. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 138.230 would signal that a short-term top has been posted. If September extends the rally off June's high, March's high crossing at 139.250 is the next upside target. First resistance is today's high crossing at 139.225. Second resistance is March's high crossing at 139.250. First support is the June 16th low crossing at 138.070. Second support is June's low crossing at 136.220.