U.S. STOCK INDEXES

The stock indexes are near steady in quiet early morning electronic trading. Bulls have the solid overall technical advantage, after good gains Wednesday.

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 today. Today, shorter-term technical support comes in at 1,440.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,435.00. Upside resistance for active traders today is located at 1,450.00 and then at 1,455.00. 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:------------ 1,442.50
1st Support:------ 1,438.55
2nd Support:------ 1,430.90
1st Resistance:--- 1,450.15
2nd Resistance:--- 1,454.10

March Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are turning bullish today. The 4-day moving average is even with the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Today, shorter-term technical support is located at 795.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Wednesday's low of 789.50. On the upside, short-term resistance is seen at 800.00. 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:------------ 795.35
1st Support:------ 792.30
2nd Support:------ 786.45
1st Resistance:--- 801.20
2nd Resistance:--- 804.25

March Dow: For today, sell stops likely reside just below support at 12,625 and then more stops just below support at Wednesday's low of 12,590. Buy stops likely reside just above shorter-term technical resistance at the contract high of 12,668 and then more buy stops just above resistance at 12,700. Shorter-term moving averages are neutral early today, as the 4-day moving average is below the 9-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral early today. Wyckoff's Intra-Day Market Rating: 8.0

PIVOT POINT LEVELS FOR MARCH DOW:

Pivot:------------ 12,639
1st Support:------ 12,612
2nd Support:------ 12,564
1st Resistance:--- 12,687
2nd Resistance:--- 12,714

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are trading weaker early today. Bears have the solid near-term technical advantage.

March U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are still bearish today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance lies at the overnight high of 110 13/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Wednesday's high of 110 19/32. Shorter-term technical support lies at the overnight low and this week's low of 110 6/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 110 even. Wyckoff's Intra-Day Market Rating: 3.0

PIVOT POINT LEVELS FOR MARCH T-BONDS:

Pivot:----------- 110 12/32
1st Support:----- 110 4/32
2nd Support:----- 109 31/32
1st Resistance:-- 110 17/32
2nd Resistance:-- 110 25/32

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 107.00.0, and more buy stops are likely located just above resistance at this week's high of 107.07.0. Shorter-term moving averages are still 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 January low of 106.23.5, and then more sell stops just below support at the October low of 106.20.5. Wyckoff's Intra Day Market Rating: 3.0

PIVOT POINT LEVELS FOR MARCH T-NOTES:

Pivot:------------ 106.28.0
1st Support:------ 106.25.0
2nd Support:------ 106.21.0
1st Resistance:--- 107.00.0
2nd Resistance:--- 107.03.0