* JIM'S MARKET THOUGHT OF THE DAY *

For you stock market bulls out there: You should be pleased with the present state of the indexes, which are making a slow and unassuming grind higher. The types of market uptrends that are not flashy and tend to remain "under the radar screen" of the business news headlines are the types of uptrends that are likely to continue. One early warning signal that the uptrends in the major U.S. stock indexes are about to peter out would be significantly higher price volatility for a few sessions.

U.S. STOCK INDEXES

The stock indexes are slightly lower in quiet early morning electronic trading. The bulls still have the overall near-term technical advantage.

March S&P 500: Prices did poke to a fresh contract high overnight. The shorter-term moving averages (4-, 9- and 18-day) are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical support comes in at last Friday's low of 1,454.50. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,450.00. Upside resistance for active traders today is located at the overnight contract high of 1,462.80 and then at 1,465.00. 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:------------ 1,457.70
1st Support:------ 1,477.70
2nd Support:------ 1,452.50
1st Resistance:--- 1,460.90
2nd Resistance:--- 1,462.90

March Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bullish today. The 4-day moving average is above the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical support is located at 815.00. 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 811.50. On the upside, short-term resistance is seen at the contract high of 821.30. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 825.00. Wyckoff's Intra-Day Market Rating: 7.0

PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:

Pivot:------------ 817.10
1st Support:------ 814.10
2nd Support:------ 808.50
1st Resistance:--- 822.70
2nd Resistance:--- 825.70

March Dow: For today, sell stops likely reside just below support at Friday's low of 12,766 and then more stops just below support at 12,600. Buy stops likely reside just above shorter-term technical resistance at the contract high of 12,803 and then at 12,850. Shorter-term moving averages are bullish early today, as the 4-day moving average is above the 9-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Wyckoff's Intra-Day Market Rating: 7.0

PIVOT POINT LEVELS FOR MARCH DOW:

Pivot:------------ 12,781
1st Support:------ 12,772
2nd Support:------ 12,757
1st Resistance:--- 12,796
2nd Resistance:--- 12,805

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are weaker early today. But the bulls do have some fresh near-term technical momentum on theirs side, as the markets closed at weekly high closes and set a fresh six-week high last Friday.

March U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance lies at 111 16/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at last Friday's high of 111 27/32. Shorter-term technical support lies at the overnight low of 111 7/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 111 even. Wyckoff's Intra-Day Market Rating: 6.0

PIVOT POINT LEVELS FOR MARCH T-BONDS:

Pivot:----------- 111 17/32
1st Support:----- 111 7/32
2nd Support:----- 110 30/32
1st Resistance:-- 111 26/32
2nd Resistance:-- 112 4/32

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 the overnight high of 107.18.5, and more buy stops are likely located just above resistance at Friday's high of 107.26.0. Shorter-term moving averages are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at the overnight low of 107.13.5, and then more sell stops just below support at 107.08.0. Wyckoff's Intra Day Market Rating: 6.0

PIVOT POINT LEVELS FOR MARCH T-NOTES:

Pivot:------------ 107.20.0
1st Support:------ 107.14.0
2nd Support:------ 107.09.0
1st Resistance:--- 107.25.0
2nd Resistance:--- 107.31.0