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INTEREST RATES

December T-bonds were higher overnight as it extends the rally off September's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, September's high crossing at 171-16 is the next upside target. Closes below the 20-day moving average crossing at 167-24 would confirm that a short-term low has been posted. First resistance is Wednesday's high crossing at 170-03. Second resistance is September's high crossing at 171-16. First support is the 62% retracement of the April-July-rally crossing at 165-04. Second support is the 75% retracement level of the April-July-rally crossing at 162-28.

December T-notes was higher overnight as it extends the rally off September's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this month's rally, the reaction high crossing at 132.050 is the next upside target. Closes below the 20-day moving average crossing at 130.276 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 131.235. Second resistance is the reaction high crossing at 132.050. First support is the reaction low crossing at 130.020. Second support is September's low crossing at 129.260.

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