U.S. STOCK INDEXES

The stock indexes are weaker in early morning electronic trading. Bulls still have the near-term technical advantage heading into the end of the year.

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 the overnight low of 1,429.10. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,425.00. Upside resistance for active traders today is located at the overnight high of 1,435.60 and then at 1,440.00. 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:------------ 1,436.85
1st Support:------ 1,430.00
2nd Support:------ 1,425.15
1st Resistance:--- 1,441.70
2nd Resistance:--- 1,448.55

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 bearish early today. Today, shorter-term technical support is located at Monday's low of 786.75. 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 795.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at Monday's high of 802.50. Wyckoff's Intra-Day Market Rating: 6.0

PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:

Pivot:------------ 792.90
1st Support:------ 783.30
2nd Support:------ 777.20
1st Resistance:--- 799.00
2nd Resistance:--- 808.70

March Dow: For today, sell stops likely reside just below support at 12,500 and then more stops just below support at 12,450. Buy stops likely reside just above shorter-term technical resistance at Monday's contract high of 12,579 and then more buy stops just above resistance at 12,600. 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 to bullish today. Wyckoff's Intra-Day Market Rating: 7.5

PIVOT POINT LEVELS FOR MARCH DOW:

Pivot:------------ 12,544
1st Support:------ 12,510
2nd Support:------ 12,483
1st Resistance:--- 12,571
2nd Resistance:--- 12,605

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are firmer early today. Bulls and bears are struggling for near-term technical control, at present.

March U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bearish today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance lies at the overnight high of 113 1/32. 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 the overnight low of 112 21/32. Sell stops likely reside just below that level. More sell stops are likely located below support at last week's low of 112 15/32. Wyckoff's Intra-Day Market Rating: 5.0

PIVOT POINT LEVELS FOR MARCH T-BONDS:

Pivot:----------- 112 24/32
1st Support:----- 112 17/32
2nd Support:----- 112 11/32
1st Resistance:-- 112 30/32
2nd Resistance:-- 113 5/32

March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish 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 bearish today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Sell stop orders are likely located just below support at the overnight low of 108.11.5, and then more sell stops just below support at last week's low of 108.07.0. Wyckoff's Intra Day Market Rating: 5.0

PIVOT POINT LEVELS FOR MARCH T-NOTES:

Pivot:------------ 108.12.0
1st Support:------ 108.08.0
2nd Support:------ 108.04.0
1st Resistance:--- 108.16.0
2nd Resistance:--- 108.20.0