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Weak

Market Commentary

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INTEREST RATES

September T-bonds closed down 20-pts. at 137-30.

September T-bonds closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night trading begins. 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 137-04 are needed to confirm that a short-term top has been posted. If September extends the rally off July's low, weekly resistance crossing at 140-16 is the next upside target. First resistance is Wednesday's high crossing at 138-27. Second resistance is weekly resistance crossing at 140-16. First support is the 20-day moving average crossing at 137-04. Second support is July's low crossing at 134-11.

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