U.S. STOCK INDEXES

The stock indexes are slightly higher in quiet early morning electronic trading. Bulls still have the overall technical advantage, but trading has turned choppier and more sideways.

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 1,430.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at this week's low of 1,426.80. Upside resistance for active traders today is located at this week's high of 1,439.30 and then at the contract high of 1,444.90. 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:------------ 1,433.80
1st Support:------ 1,429.65
2nd Support:------ 1,423.90
1st Resistance:--- 1,439.55
2nd Resistance:--- 1,443.70

March Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bearish today. The 4-day moving average is below the 9-day and 18-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish early today. 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 last week's low of 779.30. On the upside, short-term resistance is seen at Tuesday's high of 793.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 800.00. Wyckoff's Intra-Day Market Rating: 6.0

PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:

Pivot:------------ 787.30
1st Support:------ 781.55
2nd Support:------ 774.30
1st Resistance:--- 794.55
2nd Resistance:--- 800.30

March Dow: For today, sell stops likely reside just below support at 12,550 and then more stops just below support at Tuesday's low of 12,513. Buy stops likely reside just above shorter-term technical resistance at this week's high of 12,620 and then more buy stops just above resistance at the contract high of 12,668. Shorter-term moving averages are neutral 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: 7.0

PIVOT POINT LEVELS FOR MARCH DOW:

Pivot:------------ 12,568
1st Support:------ 12,537
2nd Support:------ 12,481
1st Resistance:--- 12,624
2nd Resistance:--- 12,655

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are trading near steady early today. Bears still have the 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 neutral early today. Shorter-term technical resistance lies at the overnight high of 110 17/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 110 24/32. Shorter-term technical support lies at the overnight low and this month's low of 110 8/32. 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: 3.5

PIVOT POINT LEVELS FOR MARCH T-BONDS:

Pivot:----------- 110 18/32
1st Support:----- 110 4/32
2nd Support:----- 109 27/32
1st Resistance:-- 110 27/32
2nd Resistance:-- 111 9/32

March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 106.31.0, and more buy stops are likely located just above resistance at Tuesday's high of 107.06.5. 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: 3.5

PIVOT POINT LEVELS FOR MARCH T-NOTES:

Pivot:------------ 107.00.0
1st Support:------ 106.24.0
2nd Support:------ 106.20.0
1st Resistance:--- 107.04.0
2nd Resistance:--- 107.12.0