U.S. STOCK INDEXES

The stock indexes are slightly lower in quiet early morning electronic trading. Bulls still have some 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 Friday's low of 1,398.20. 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 1,403.20 and then at last week's high of 1,407.80. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 7

PIVOT POINT LEVELS FOR DECEMBER S&P 500:

Pivot:------------ 1,402.75
1st Support:------ 1,400.25
2nd Support:------ 1,395.75
1st Resistance:--- 1,407.25
2nd Resistance:--- 1,409.75

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 bearish early today. Today, shorter-term technical support is located at Friday's low of 785.50. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 780.00. On the upside, short-term resistance is seen at Friday's high of 792.70. 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: 7.0

PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:

Pivot:------------ 790.30
1st Support:------ 787.90
2nd Support:------ 783.10
1st Resistance:--- 795.10
2nd Resistance:--- 797.50

December Dow: For today, sell stops likely reside just below support at Friday's low of 12,310 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 Friday's contract high of 12,375 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 bullish for today. Wyckoff's Intra-Day Market Rating: 8.0

PIVOT POINT LEVELS FOR DECEMBER DOW:

Pivot:------------ 12,351
1st Support:------ 12,327
2nd Support:------ 12,286
1st Resistance:--- 12,392
2nd Resistance:--- 12,416

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are higher early today. Bulls have regained some near-term technical momentum.

December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are neutral today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish for today. Shorter-term technical resistance lies at the overnight high of 113 4/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 113 12/32. Shorter-term technical support lies at 112 24/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 112 16/32. Wyckoff's Intra-Day Market Rating: 6.5

PIVOT POINT LEVELS FOR DECEMBER T-BONDS:

Pivot:----------- 112 22/32
1st Support:----- 112 9/32
2nd Support:----- 111 23/32
1st Resistance:-- 113 8/32
2nd Resistance:-- 113 21/32

December U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bullish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 107.10.5, and more buy stops are likely located just above resistance at last week's high of 108.18.5. 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 108.00.0, and then more sell stops just below support at last week's low of 107.20.5. Wyckoff's Intra Day Market Rating: 6.5

PIVOT POINT LEVELS FOR DECEMBER T-NOTES:

Pivot:------------ 108.02.0
1st Support:------ 107.26.0
2nd Support:------ 107.13.0
1st Resistance:--- 108.15.0
2nd Resistance:--- 108.23.0