U.S. STOCK INDEXES

The stock indexes are slightly lower in quiet early morning electronic trading. Bulls are fading, but still have the overall 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 bearish today. Today, shorter-term technical support comes in at Monday's low of 1,426.80. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,420.00. Upside resistance for active traders today is located at the overnight high of 1,432.60 and then at 1,435.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 5.5

PIVOT POINT LEVELS FOR MARCH S&P 500:

Pivot:------------ 1,432.35
1st Support:------ 1,425.40
2nd Support:------ 1,419.85
1st Resistance:--- 1,437.90
2nd Resistance:--- 1,444.85

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 neutral early today. Today, shorter-term technical support is located at last week's low of 779.30. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 775.00. On the upside, short-term resistance is seen at 785.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at Monday's high of 789.00. Wyckoff's Intra-Day Market Rating: 5.0

PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:

Pivot:------------ 783.50
1st Support:------ 778.00
2nd Support:------ 774.00
1st Resistance:--- 787.50
2nd Resistance:--- 793.00

March Dow: For today, sell stops likely reside just below support at Monday's low of 12,495 and then more stops just below support at 12,450. Buy stops likely reside just above shorter-term technical resistance at 12,575 and then more buy stops just above resistance at Monday's high of 12,620. Shorter-term moving averages are bullish today, as the 4-day moving average is 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 bearish early today. Wyckoff's Intra-Day Market Rating: 5.5

PIVOT POINT LEVELS FOR MARCH DOW:

Pivot:------------ 12,550
1st Support:------ 12,479
2nd Support:------ 12,425
1st Resistance:--- 12,604
2nd Resistance:--- 12,675

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are trading near steady early today. Bears still have the slight 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 Monday's high of 111 2/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at last week's high of 111 7/32. Shorter-term technical support lies at 110 24/32. Sell stops likely reside just below that level. More sell stops are likely located below support at Monday's low of 110 19/32. Wyckoff's Intra-Day Market Rating: 4.5

PIVOT POINT LEVELS FOR MARCH T-BONDS:

Pivot:----------- 110 27/32
1st Support:----- 110 21/32
2nd Support:----- 110 12/32
1st Resistance:-- 111 4/32
2nd Resistance:-- 111 10/32

March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral early today. Buy stops likely reside just above shorter-term technical resistance at last week's high of 107.12.0, and more buy stops are likely located just above resistance at 107.16.0. 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 107.02.0, and then more sell stops just below support at Monday's low of 106.29.5. Wyckoff's Intra Day Market Rating: 4.5

PIVOT POINT LEVELS FOR MARCH T-NOTES:

Pivot:------------ 107.03.0
1st Support:------ 107.00.0
2nd Support:------ 106.26.0
1st Resistance:--- 107.09.0
2nd Resistance:--- 107.12.0