U.S. STOCK INDEXES

The stock indexes are firmer in quiet early morning electronic trading. Bulls still have the slight overall near-term technical advantage.

March S&P 500: 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 is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bearish today. Today, shorter-term technical support comes in at 1,425.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Friday's low of 1,421.80. Upside resistance for active traders today is located at Friday's high of 1,432.90 and then at 1,440.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 6.0

PIVOT POINT LEVELS FOR MARCH S&P 500:

Pivot:------------ 1,427.40
1st Support:------ 1,421.90
2nd Support:------ 1,416.30
1st Resistance:--- 1,433.00
2nd Resistance:--- 1,438.50

March Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are neutral today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical support is located at 785.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Friday's low of 781.75. On the upside, short-term resistance is seen at Friday's high of 792.75. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 795.00. Wyckoff's Intra-Day Market Rating: 6.0

PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:

Pivot:------------ 788.10
1st Support:------ 783.45
2nd Support:------ 777.10
1st Resistance:--- 794.45
2nd Resistance:--- 799.10

March Dow: For today, sell stops likely reside just below support at 12,500 and then more stops just below support at Friday's low of 12,464. Buy stops likely reside just above shorter-term technical resistance at 12,550 and then more buy stops just above resistance at Friday's high of 12,574. 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 bearish early today. Wyckoff's Intra-Day Market Rating: 6.0

PIVOT POINT LEVELS FOR MARCH DOW:

Pivot:------------ 12,520
1st Support:------ 12,467
2nd Support:------ 12,410
1st Resistance:--- 12,578
2nd Resistance:--- 12,630

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are trading slightly higher today, on a tepid short-covering bounce in a bear market. Bears still have the strong near-term technical advantage.

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. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance lies at Friday's high of 109 26/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 110 even. Shorter-term technical support lies at the overnight low 109 17/32. Sell stops likely reside just below that level. More sell stops are likely located below support at Friday's low of 109 6/32. Wyckoff's Intra-Day Market Rating: 3.0

PIVOT POINT LEVELS FOR MARCH T-BONDS:

Pivot:----------- 109 16/32
1st Support:----- 109 7/32
2nd Support:----- 108 28/32
1st Resistance:-- 109 27/32
2nd Resistance:-- 110 4/32

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 Friday's high of 106.19.0, and more buy stops are likely located just above resistance at 106.24.0. 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 overnight low of 106.13.5, and then more sell stops just below support at Friday's low of 106.06.5. Wyckoff's Intra Day Market Rating: 3.0

PIVOT POINT LEVELS FOR MARCH T-NOTES:

Pivot:------------ 106.13.0
1st Support:------ 106.07.0
2nd Support:------ 106.01.0
1st Resistance:--- 106.19.0
2nd Resistance:--- 106.25.0