U.S. STOCK INDEXES

The stock indexes near steady in quiet early morning electronic trading. Bulls 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 neutral today. Today, shorter-term technical support comes in at Thursday's low of 1,427.60. 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 1,435.00 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:------------ 1,434.70
1st Support:------ 1,422.20
2nd Support:------ 1,415.10
1st Resistance:--- 1,441.80
2nd Resistance:--- 1,454.30

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. 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 Thursday's low of 785.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at this week's low of 779.30. On the upside, short-term resistance is seen at 790.00. 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:------------ 790.65
1st Support:------ 781.80
2nd Support:------ 776.15
1st Resistance:--- 796.30
2nd Resistance:--- 805.15

March Dow: For today, sell stops likely reside just below support at Thursday's low of 12,526 and then more stops just below support at this week's low of 12,495. Buy stops likely reside just above shorter-term technical resistance at the contract high of 12,600 and then more buy stops just above resistance at the contract high of 12,668. 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:------------ 12,577
1st Support:------ 12,490
2nd Support:------ 12,440
1st Resistance:--- 12,627
2nd Resistance:--- 12,714

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are trading lower again today, as prices hit a fresh five-month low. Bears 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 bearish early today. Shorter-term technical resistance lies at the overnight high of 109 22/32. 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 12/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 109 8/32. Wyckoff's Intra-Day Market Rating: 2.0

PIVOT POINT LEVELS FOR MARCH T-BONDS:

Pivot:----------- 109 28/32
1st Support:----- 109 11/32
2nd Support:----- 109 even
1st Resistance:-- 110 7/32
2nd Resistance:-- 110 24/32

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 106.16.0, 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 106.08.0, and then more sell stops just below support at 106.00.0. Wyckoff's Intra Day Market Rating: 2.0

PIVOT POINT LEVELS FOR MARCH T-NOTES:

Pivot:------------ 106.19.0
1st Support:------ 106.09.0
2nd Support:------ 106.02.0
1st Resistance:--- 106.26.0
2nd Resistance:--- 107.04.0