U.S. STOCK INDEXES

The stock indexes are slightly lower in quiet early morning electronic trading. Bulls still have near-term technical momentum on their side.

December S&P 500: 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 is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish today. Today, shorter-term technical support comes in at Thursday's low of 1,399.30. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,396.50. Upside resistance for active traders today is located at Thursday's contract high of 1,407.80 and then at 1,410.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 8

PIVOT POINT LEVELS FOR DECEMBER S&P 500:

Pivot:------------ 1,404.10
1st Support:------ 1,400.35
2nd Support:------ 1,395.60
1st Resistance:--- 1,408.85
2nd Resistance:--- 1,412.60

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 to bullish early today. Today, shorter-term technical support is located at 790.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 786.75. On the upside, short-term resistance is seen at Thursday's high of 798.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 800.00. Wyckoff's Intra-Day Market Rating: 8.0

PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:

Pivot:------------ 794.40
1st Support:------ 790.80
2nd Support:------ 788.40
1st Resistance:--- 796.80
2nd Resistance:--- 800.40

December Dow: For today, sell stops likely reside just below support at 12,300 and then more stops just below support at Thursday's low of 12,283. Buy stops likely reside just above shorter-term technical resistance at Thursday's contract high of 12,358 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 bullish for today. Wyckoff's Intra-Day Market Rating: 8.0

PIVOT POINT LEVELS FOR DECEMBER DOW:

Pivot:------------ 12,330
1st Support:------ 12,303
2nd Support:------ 12,255
1st Resistance:--- 12,368
2nd Resistance:--- 12,405

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are slightly higher early today. Bulls are fading and do not want to see a weekly low close on Friday.

December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are neutral today. The 4-day moving average is above the 9-day and 18-day, but is turning down. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish for today. Shorter-term technical resistance lies at the overnight high of 112 16/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 112 24/32. Shorter-term technical support lies at Thursday's low of 112 3/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 112 even. Wyckoff's Intra-Day Market Rating: 5.5

PIVOT POINT LEVELS FOR DECEMBER T-BONDS:

Pivot:----------- 112 19/32
1st Support:----- 111 26/32
2nd Support:----- 111 10/32
1st Resistance:-- 113 3/32
2nd Resistance:-- 113 28/32

December U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish for today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 107.29.5, and more buy stops are likely located just above resistance at 108.00.0. Shorter-term moving averages are neutral today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average today. Sell stop orders are likely located just below support at Thursday's low of 107.20.5, and then more sell stops just below support at 107.16.0. Wyckoff's Intra Day Market Rating: 5.5

PIVOT POINT LEVELS FOR DECEMBER T-NOTES:

Pivot:------------ 107.31.0
1st Support:------ 107.14.0
2nd Support:------ 107.05.0
1st Resistance:--- 108.08.0
2nd Resistance:--- 108.25.0