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March T-bonds closed up 10-pts. At 144-20
March T-bonds closed higher due to short covering on Monday as it consolidated some of last week's decline. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 143-03 are needed to confirm that a short-term top has been posted. If March resumes this month's rally, weekly resistance crossing at 148-00 is the next upside target. First resistance is last Tuesday's high crossing at 146-19. Second resistance is weekly resistance crossing at 148-00. First support is last Friday's low crossing at 143-03. Second support is the 20-day moving average crossing at 143-03.