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September T-bonds were higher overnight as they extends the rally off July's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, June's high crossing at 157-08 is the next upside target. Closes below the 20-day moving average crossing at 154-12 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is last Friday's high crossing at 156-12. Second resistance is June's high crossing at 157-08. First support is the reaction low crossing at 153-24. Second support is the reaction low crossing at 152-03.

September T-notes were slightly higher overnight. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, June's high crossing at 127.080 is the next upside target. Closes below the 50-day moving average crossing at 126.083 would confirm that a short-term top has been posted. First resistance is last Friday's high crossing at 127.015. Second resistance is June's high crossing at 127.080. First support is last Wednesday's low crossing at 126.000. Second support is the reaction low crossing at 125.155. Third support is July's low crossing at 124.255.

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