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September T-bonds closed down 1-(32nds) at 173-04.

September T-bonds closed slightly lower on Tuesday as it consolidated some of this month's rally. The mid-range close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this month's rally, upside targets will be hard to project with the market trading into uncharted territory. Closes below the 20-day moving average crossing at 168-03 would confirm that a short-term top has been posted. First resistance is today's high crossing at 173-25. Second resistance is unknown. First support is last Friday's low crossing at 165-25. Second support is the reaction low crossing at 165-20.

September T-notes closed down 0.005-(32nds) at 133-085.

September T-notes closed lower on Tuesday as it consolidated some of its recent gains. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last Friday's low, the July-2012 high crossing at 135.155 is the next upside target. Closes below last Friday's low crossing at 130.215 would confirm that a short-term top has been posted. First resistance is last Friday's high crossing at 134.070. Second resistance is the July-2012 high crossing at 135.155. First support is last Friday's low crossing at 130.215. Second support is May's low crossing at 129.055.

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