Steady selling pressure on the 10 year is moving the $NOB spread flatter from yesterday’s 128 bp close. The 38.2% Fibonacci level and the 50 day moving average are on top of one another at 124 bps and 125 bps. The $NOB spread came within 1 bp of its 2013 high (134 bps) on August 5th. A close below 124 bps opens the door to the lower Bollinger Band at 117 bps.
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