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March T-bonds closed down 1-05/32's at 150-29.

March T-bonds closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. 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 150-30 would confirm that a short-term top has been posted. If March renews the rally off December's low, the 38% retracement level of the July-December-decline crossing at 157-16 is the next upside target. First resistance is the 25% retracement level of the July-December-decline crossing at 153-29. Second resistance is the 38% retracement level of the July-December-decline crossing at 157-16. First support is the 20-day moving average crossing at 150-30. Second support is December's low crossing at 147-04.

March T-notes closed down 200/32's at 124-030.

March T-notes closed lower due to profit taking on Thursday as it consolidates some of the rally off December's low. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 124.059 are needed to confirm that a short-term top has been posted. If March renews the aforementioned rally, the 38% retracement level of the July-December-decline crossing at 126.057 is the next upside target. First resistance is the 38% retracement level of the July-December-decline crossing at 126.057. Second resistance is the 50% retracement level of the July-December-decline crossing at 127.105. First support is the 20-day moving average crossing at 124.059. Second support is December's low crossing at 122.145.

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