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March T-bonds closed up 30/32's at 122-06.

March T-bonds closed higher on Wednesday as it extends the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Thursday's day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at 121-08 signals that a short-term low has been posted. If March extends the rally off last-Thursday's low crossing at 119-000, the January 11th high crossing at 123-15 is the next upside target. If March renews the decline off December's high, the 38% retracement level of the October-December rally crossing at 118-24 the next downside target. First resistance is the January 11th high crossing at 123-15. Second resistance is December's high crossing at 125-30. First support is the 38% retracement level of the October-December rally crossing at 118-24. Second support is the 50% retracement level of the October-December rally crossing at 116-17.

March T-notes closed up 190-pts. at 112.070.

March T-notes closed sharply higher on Wednesday as it renewed the rally off January's low. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, the January 12th high crossing at 112.265 is the next upside target. If March renews the decline off December's high, the 38% retracement level of the October-December rally crossing at 110.143 is the next downside target. First resistance is the January 12th high crossing at 112.265. Second resistance is December's high crossing at 113.120. First support is the January 19th low crossing at 110.260. Second support is the 38% retracement level of the October-December rally crossing at 110.143.

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