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INTEREST RATES

June T-bonds closed down 1-01/32's at 133-27.

June T-bonds closed sharply lower on Thursday as it consolidates some of this month's rally. The low-range close sets the stage for a steady to lower opening when Monday'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 133-17 would confirm that a short-term top has been posted. If June extends this month's rally, weekly resistance crossing at 135-24 is the next upside target. First resistance is Tuesday's high crossing at 135-10. Second resistance is weekly resistance crossing at 135-24. First support is the 20-day moving average crossing at 133-17. Second support is April's low crossing at 131-21.

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