U.S. STOCK INDEXES

The stock indexes are firmer in early morning electronic trading. Bulls have faded and need to show some power soon.

December S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are turning bearish today. The 4-day moving average is below the 9-day and 18-day. The 9-day is above the 18-day moving average, but is turning down. Short-term oscillators (RSI, slow stochastics) are neutral today. Today, shorter-term technical support comes in at the overnight low of 1,388.60. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,383.00. Upside resistance for active traders today is located at the overnight high of 1,394.00 and then at 1,400.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 6

PIVOT POINT LEVELS FOR DECEMBER S&P 500:

Pivot:------------ 1,385.75
1st Support:------ 1,381.25
2nd Support:------ 1,373.90
1st Resistance:--- 1,393.15
2nd Resistance:--- 1,397.70

December Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are turning bearish today. The 4-day moving average is below the 9-day and 18-day. The 9-day moving average is above the 18-day, but is turning down. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support is located at Tuesday's low of 769.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 765.00. On the upside, short-term resistance is seen at 780.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at Monday's high of 792.90. Wyckoff's Intra-Day Market Rating: 6.0

PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:

Pivot:------------ 773.90
1st Support:------ 770.80
2nd Support:------ 765.90
1st Resistance:--- 778.80
2nd Resistance:--- 781.90

December Dow: For today, sell stops likely reside just below support at Tuesday's low of 12,095 and then more stops just below support at 12,050. Buy stops likely reside just above shorter-term technical resistance at Tuesday's high of 12,175 and then more buy stops just above resistance at 12,200. Shorter-term moving averages are turning bearish, as the 4-day moving average is below the 9-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish today. Wyckoff's Intra-Day Market Rating: 6.0

PIVOT POINT LEVELS FOR DECEMBER DOW:

Pivot:------------ 12,141
1st Support:------ 12,107
2nd Support:------ 12,061
1st Resistance:--- 12,187
2nd Resistance:--- 12,221

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are slightly lower early today. But bulls still have solid near-term technical momentum on their side, following Tuesday's gains to multi-month highs.

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. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance lies at the overnight high of 113 31/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Tuesday's high of 114 7/32. Shorter-term technical support lies at the overnight low of 113 24/32. Sell stops likely reside just below that level. More sell stops are likely located below support at Tuesday's low of 113 15/32. Wyckoff's Intra-Day Market Rating: 6.0

PIVOT POINT LEVELS FOR DECEMBER T-BONDS:

Pivot:----------- 113 28/32
1st Support:----- 113 17/32
2nd Support:----- 113 4/32
1st Resistance:-- 114 9/32
2nd Resistance:-- 114 20/32

December U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Buy stops likely reside just above shorter-term technical resistance at Tuesday's high of 108.31.0, and more buy stops are likely located just above resistance at 109.07.0. 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 Tuesday's low of 108.16.0, and then more sell stops just below support at Monday's low of 108.05.0. Wyckoff's Intra Day Market Rating: 6.0

PIVOT POINT LEVELS FOR DECEMBER T-NOTES:

Pivot:------------ 108.25.0
1st Support:------ 108.18.0
2nd Support:------ 108.10.0
1st Resistance:--- 109.01.0
2nd Resistance:--- 109.08.0