Morning Market Report: Interest Rates

By Ino.com

Interest Rates on ‘FOMC Day’…

inoJune T-bonds were higher overnight. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 154-25 would confirm that a short-term top has been posted. If June resumes the rally off May’s low, the 62% retracement level of the 2016-decline crossing at 159-04 is the next upside target. First resistance is the 50% retracement level of the 2016-decline crossing at 156-18. Second resistance is the 62% retracement level of the 2016-decline crossing at 159-04. First support is the 20-day moving average crossing at 154-25. Second support is the 50-day moving average crossing at 153-12.

June T-notes were slightly higher overnight. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 126.151 would confirm that a short-term top has been posted. If June renews the rally off May’s low, the 62% retracement level of 2016’s decline crossing at 127.142 is the next upside target. First resistance is last Tuesday’s high crossing at 127.045. Second resistance is the 62% retracement of 2016’s decline crossing at 127.142. First support is the 20-day moving average crossing at 126.151. Second support is the 50-day moving average crossing at 125.278.

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