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September T-bonds closed down 22/32's at 154-05.

September T-bonds closed lower on Wednesday as it consolidates some of the rally off June's low. The low-range close sets the stage for a steady to lower opening when Thursday'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 152-03 would confirm that a short-term top has been posted. If September extends the aforementioned rally, the 50% retracement level of the February-June-decline crossing at 158-09 is the next upside target. First resistance is Monday's high crossing at 155-27. Second resistance is the 50% retracement level of the February-June-decline crossing at 158-09. First support is the 20-day moving average crossing at 152-03. Second support is the reaction low crossing at 148-03.

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