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INTEREST RATES

September T-bonds were lower overnight. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 160-19 would confirm that a short-term top has been posted. If September resumes the rally off July's low, weekly resistance crossing at 167-06 is the next upside target. First resistance is last-Thursday's high crossing at 166-30. Second resistance is weekly resistance crossing at 167-06. First support is the 10-day moving average crossing at 163-25. Second support is the 20-day moving average crossing at 160-19.

September T-notes were lower overnight. 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 20-day moving average crossing at 129.117 would confirm that a short-term top has been posted. If September extends this year's rally, weekly resistance crossing at 132.016 is the next upside target. First resistance is last-Thursday's high crossing at 131.110. Second resistance is weekly resistance crossing at 132.016. First support is the 10-day moving average crossing at 130.101. Second support is the 20-day moving average crossing at 129.117.