U.S. STOCK INDEXES

The stock indexes are lower in early morning electronic trading. Bulls are now fading a bit.

December S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are still 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. Short-term oscillators (RSI, slow stochastics) are bearish today. Today, shorter-term technical support comes in at the overnight low of 1,400.10. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,395.00. Upside resistance for active traders today is located at the overnight high of 1,407.00 and then at the contract high of 1,411.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 5

PIVOT POINT LEVELS FOR DECEMBER S&P 500:

Pivot:------------ 1,408.05
1st Support:------ 1,405.15
2nd Support:------ 1,401.90
1st Resistance:--- 1,411.35
2nd Resistance:--- 1,414.25

December Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bullish today. The 4-day moving average is above the 9-day and 18-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 Wednesday's low of 792.20. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 785.00. On the upside, short-term resistance is seen at Wednesday's high of 796.75. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at last week's high of 798.00. Wyckoff's Intra-Day Market Rating: 5.5

PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:

Pivot:------------ 794.85
1st Support:------ 792.95
2nd Support:------ 780.30
1st Resistance:--- 797.50
2nd Resistance:--- 799.40

December Dow: For today, sell stops likely reside just below support at Tuesday's low of 12,320 and then more stops just below support at 12,300. Buy stops likely reside just above shorter-term technical resistance at the contract high of 12,385 and then more buy stops just above resistance at 12,400. Shorter-term moving averages are bullish, as the 4-day moving average is above the 9-day and 18-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: 5.5

PIVOT POINT LEVELS FOR DECEMBER DOW:

Pivot:------------ 12,355
1st Support:------ 12,324
2nd Support:------ 12,295
1st Resistance:--- 12,384
2nd Resistance:--- 12,415

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are solidly higher early today. Bulls have solid near-term technical momentum on their side.

December U.S. T-Bonds: Prices hit a fresh nine-month high early today. 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 bullish for today. Shorter-term technical resistance lies at 113 19/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at the overnight high of 113 27/32. Shorter-term technical support lies at 113 8/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 113 even. Wyckoff's Intra-Day Market Rating: 8.5

PIVOT POINT LEVELS FOR DECEMBER T-BONDS:

Pivot:----------- 113 6/32
1st Support:----- 113 2/32
2nd Support:----- 112 28/32
1st Resistance:-- 113 12/32
2nd Resistance:-- 113 16/32

December U.S. T-Notes: Prices hit a fresh two-month high overnight. Shorter-term oscillators (RSI, slow stochastics) are bullish early today. Buy stops likely reside just above shorter-term technical resistance at today's high of 108.22.5, and more buy stops are likely located just above resistance at the September high of 108.24.0. 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 today's low of 108.11.5, and then more sell stops just below support at 108.08.0. Wyckoff's Intra Day Market Rating: 8.5

PIVOT POINT LEVELS FOR DECEMBER T-NOTES:

Pivot:------------ 108.13.0
1st Support:------ 108.10.0
2nd Support:------ 108.06.0
1st Resistance:--- 108.17.0
2nd Resistance:--- 108.20.0