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Weak

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INTEREST RATES

September T-bonds were lower overnight. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. Closes above the reaction high crossing at 174-22 or below July's low crossing at 169-31 are needed to confirm a breakout of the late-summer trading range and point the direction of the next trending move. If September breaks out below July's low, the late-June low crossing at 165-25 is the next downside target. If September breaks out to the topside of the late-summer trading range, July's high crossing at 177-11 is the next upside target. First resistance is the reaction high crossing at 174-22. Second resistance is July's high crossing at 177-11. First support is July's low crossing at 169-31. Second support is the late-June low crossing at 165-25.

September T-notes was slightly lower overnight. Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near-term. Last Friday's close below trading range support crossing at 131.195 marked a downside breakout of the July-August trading range and opened the door for a possible test of the late-June low crossing at 130.215. First resistance is the reaction high crossing at 133.045. Second resistance is July's high crossing at 134.075. First support is Monday's low crossing at 131.095. Second support is the late-June low crossing at 130.215.

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