U.S. STOCK INDEXES

The stock indexes are modestly lower in early morning electronic trading. Bulls are fading and need to step up and show some power soon.

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, but just barely. 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 Friday's 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 1,406.00 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:------------ 1,403.65
1st Support:------ 1,399.35
2nd Support:------ 1,396.85
1st Resistance:--- 1,407.17
2nd Resistance:--- 1,411.45

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. The 9-day moving average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Today, shorter-term technical support is located at Friday's low of 789.00. 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 Friday's high of 796.50. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at the November high of 798.00. Wyckoff's Intra-Day Market Rating: 5.0

PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:

Pivot:------------ 792.45
1st Support:------ 788.35
2nd Support:------ 784.95
1st Resistance:--- 795.90
2nd Resistance:--- 799.95

December Dow: For today, sell stops likely reside just below support at Friday's low of 12,283 and then more stops just below support at 12,250. Buy stops likely reside just above shorter-term technical resistance at Friday's high of 12,340 and then more buy stops just above resistance at the contract high of 12,385. Shorter-term moving averages are still 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 bearish today. Wyckoff's Intra-Day Market Rating: 5.0

PIVOT POINT LEVELS FOR DECEMBER DOW:

Pivot:------------ 12,308
1st Support:------ 12,276
2nd Support:------ 12,251
1st Resistance:--- 12,333
2nd Resistance:--- 12,365

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are weaker early today. But bulls still have solid near-term technical momentum on their side, following strong closes at multi-month highs on Friday.

December U.S. T-Bonds: Prices hit a fresh nine-month high Friday. 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 for today. Shorter-term technical resistance lies at the overnight high of 113 16/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Friday's high of 113 27/32. Shorter-term technical support lies at the overnight low of 113 6/32. 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: 5.5

PIVOT POINT LEVELS FOR DECEMBER T-BONDS:

Pivot:----------- 113 16/32
1st Support:----- 113 4/32
2nd Support:----- 112 27/32
1st Resistance:-- 113 25/32
2nd Resistance:-- 114 5/32

December U.S. T-Notes: Prices hit a fresh two-month high Friday. Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 108.16.0, and more buy stops are likely located just above resistance at Friday's high of 108.22.5. 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 the overnight low of 108.11.0, and then more sell stops just below support at 108.08.0. Wyckoff's Intra Day Market Rating: 5.5

PIVOT POINT LEVELS FOR DECEMBER T-NOTES:

Pivot:------------ 108.17.0
1st Support:------ 108.11.0
2nd Support:------ 108.06.0
1st Resistance:--- 108.22.0
2nd Resistance:--- 108.28.0