U.S. STOCK INDEXES

The stock indexes are slightly lower in early morning electronic trading. But bulls still have the near-term technical advantage.

March 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 Wednesday's low of 1,423.20. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at this week's low of 1,417.30. Upside resistance for active traders today is located at Wednesday's high of 1,430.90 and then at the contract high of 1,432.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 7.0

PIVOT POINT LEVELS FOR MARCH S&P 500:

Pivot:------------ 1,426.90
1st Support:------ 1,422.90
2nd Support:------ 1,419.20
1st Resistance:--- 1,430.60
2nd Resistance:--- 1,434.60

March Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are neutral 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 Wednesday's low of 793.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at this week's low of 791.25. On the upside, short-term resistance is seen at Wednesday's high of 800.75. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 805.00. Wyckoff's Intra-Day Market Rating: 7.0

PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:

Pivot:------------ 797.25
1st Support:------ 793.70
2nd Support:------ 789.50
1st Resistance:--- 801.45
2nd Resistance:--- 805.00

March Dow: For today, sell stops likely reside just below support at Wednesday's low of 12,395 and then more stops just below support at this week's low of 12,345. Buy stops likely reside just above shorter-term technical resistance at the contract high of 12,460 and then more buy stops just above resistance at 12,500. Shorter-term moving averages are bullish today, as the 4-day moving average is moving 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 today. Wyckoff's Intra-Day Market Rating: 7.0

PIVOT POINT LEVELS FOR MARCH DOW:

Pivot:------------ 12,426
1st Support:------ 12,392
2nd Support:------ 12,361
1st Resistance:--- 12,457
2nd Resistance:--- 12,491

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are slightly higher early today. Bears have regained some downside technical momentum, after solid losses Wednesday. A strong recovery in prices today would repair Wednesday's near-term chart damage.

March U.S. T-Bonds: Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are bearish early 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 8/32. Shorter-term technical support lies at Wednesday's low of 112 25/32. 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: 5.5

PIVOT POINT LEVELS FOR MARCH T-BONDS:

Pivot:----------- 113 10/32
1st Support:----- 112 15/32
2nd Support:----- 111 29/32
1st Resistance:-- 113 28/32
2nd Resistance:-- 114 23/32

March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 108.19.0, and more buy stops are likely located just above resistance at 108.24.0. Shorter-term moving averages are turning bearish today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average, but is turning down. Sell stop orders are likely located just below support at the overnight low of 108.13.0, and then more sell stops just below support at 108.08.0. Wyckoff's Intra Day Market Rating: 5.5

PIVOT POINT LEVELS FOR MARCH T-NOTES:

Pivot:------------ 108.23.0
1st Support:------ 108.06.0
2nd Support:------ 107.29.0
1st Resistance:--- 109.00.0
2nd Resistance:--- 109.17.0