U.S. STOCK INDEXES

The stock indexes are mostly firmer in early morning electronic trading. 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 neutral to bullish today. Today, shorter-term technical support comes in at the overnight low of 1,423.50. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Tuesday's low of 1,417.30. Upside resistance for active traders today is located at this week's high of 1,429.10 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: 8.0

PIVOT POINT LEVELS FOR MARCH S&P 500:

Pivot:------------ 1,423.10
1st Support:------ 1,419.20
2nd Support:------ 1,413.40
1st Resistance:--- 1,428.90
2nd Resistance:--- 1,432.80

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 Tuesday's low of 791.25. 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 Tuesday's high of 801.25. 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:------------ 796.25
1st Support:------ 791.30
2nd Support:------ 786.25
1st Resistance:--- 801.25
2nd Resistance:--- 806.25

March Dow: For today, sell stops likely reside just below support at 12,400 and then more stops just below support at Tuesday'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: 8.0

PIVOT POINT LEVELS FOR MARCH DOW:

Pivot:------------ 12,394
1st Support:------ 12,363
2nd Support:------ 12,314
1st Resistance:--- 12,443
2nd Resistance:--- 12,474

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are higher early today. Bulls have regained some upside technical momentum this week. Traders appear to have shrugged off the Wednesday's FOMC meeting results.

March 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 bullish early today. Shorter-term technical resistance lies at the overnight high of 114 6/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 114 16/32. Shorter-term technical support lies at the overnight low of 113 29/32. Sell stops likely reside just below that level. More sell stops are likely located below support at Tuesday's low of 113 14/32. Wyckoff's Intra-Day Market Rating: 7.5

PIVOT POINT LEVELS FOR MARCH T-BONDS:

Pivot:----------- 113 27/32
1st Support:----- 113 20/32
2nd Support:----- 113 6/32
1st Resistance:-- 114 9/32
2nd Resistance:-- 114 16/32

March 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 109.07.0, and more buy stops are likely located just above resistance at 109.16.0. 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 the overnight low of 109.01.5, and then more sell stops just below support at Tuesday's low of 108.24.0. Wyckoff's Intra Day Market Rating: 7.5

PIVOT POINT LEVELS FOR MARCH T-NOTES:

Pivot:------------ 109.00.0
1st Support:------ 108.27.0
2nd Support:------ 108.19.0
1st Resistance:--- 109.08.0
2nd Resistance:--- 109.13.0