U.S. STOCK INDEXES

The stock indexes are firmer in early morning electronic trading. Bulls are losing some upside technical momentum. The indexes are due for some more profit-taking pressure.

December S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are turning slightly bearish today. The 4-day moving average is above the 9-day, but is turning down. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish today. Today, shorter-term technical support comes in at Monday's low of 1,379.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,375.00. Upside resistance for active traders today is located at Monday's high of 1,386.80. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,390.00. Wyckoff's Intra-day Market Rating: 6

PIVOT POINT LEVELS FOR DECEMBER S&P 500:

Pivot:------------ 1,383.00
1st Support:------ 1,379.20
2nd Support:------ 1,375.20
1st Resistance:--- 1,387.00
2nd Resistance:--- 1,390.80

December Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bullish today. The 4-day moving average is back above the 9-day. The 9-day moving average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support is located at 770.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Monday's low of 764.00. On the upside, short-term resistance is seen at Monday's high of 775.75. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at last week's high of 780.00. Wyckoff's Intra-Day Market Rating: 6.0

PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:

Pivot:------------ 771.10
1st Support:------ 766.50
2nd Support:------ 759.35
1st Resistance:--- 778.25
2nd Resistance:--- 782.90

December Dow: For today, sell stops likely reside just below support at Monday's low of 12,081 and then more stops just below support at 12,000. Buy stops likely reside just above shorter-term technical resistance at Monday's high of 12,154 and then more buy stops just above resistance at the contract high of 12,213. Shorter-term moving averages are turning slightly bearish, as the 4-day moving average is above the 9-day, but is turning down. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bearish for today. Wyckoff's Intra-Day Market Rating: 6.0

PIVOT POINT LEVELS FOR DECEMBER DOW:

Pivot:------------ 12,119
1st Support:------ 12,084
2nd Support:------ 12,046
1st Resistance:--- 12,157
2nd Resistance:--- 12,192

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are firmer early today, on follow-through strength from recent good gains. Bulls still have near-term technical momentum on their side.

December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bullish today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish for today. Shorter-term technical resistance lies at Monday's high of 112 2/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 112 8/32. Shorter-term technical support lies at Monday's low of 111 22/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 111 16/32. Wyckoff's Intra-Day Market Rating: 7.0

PIVOT POINT LEVELS FOR DECEMBER T-BONDS:

Pivot:----------- 111 29/32
1st Support:----- 111 24/32
2nd Support:----- 111 17/32
1st Resistance:-- 112 4/32
2nd Resistance:-- 112 9/32

December U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bullish for today. Buy stops likely reside just above shorter-term technical resistance at Monday's high of 107.28.5, and more buy stops are likely located just above resistance at 108.00.0. Shorter-term moving averages are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average today. Sell stop orders are likely located just below support at Monday's low of 107.21.5, and then more sell stops just below support at 107.16.0. Wyckoff's Intra Day Market Rating: 7.0

PIVOT POINT LEVELS FOR DECEMBER T-NOTES:

Pivot:------------ 107.25.0
1st Support:------ 107.22.0
2nd Support:------ 107.18.0
1st Resistance:--- 107.29.0
2nd Resistance:--- 108.00.0