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INTEREST RATES

December T-bonds were higher overnight as they consolidate some of the decline off October's high but remain below the 20-day moving average. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, the reaction low crossing at 138-11 is the next downside target. If December renews the rally off September's low, weekly resistance crossing at 150-03 is the next upside target. First resistance is October's high crossing at 148-00. Second resistance is weekly resistance crossing at 150-03. First support is Wednesday's low crossing at 140-16. Second support is the reaction low crossing at 138-11.

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