TODAY'S KEY U.S. ECONOMIC DATA

On tap for today is the MBA refinancing index, retail sales data, business inventories, weekly DOE crude oil stocks data, and Fed chairman Bernanke testifies before the Senate today on the U.S. economic outlook.

* JIM'S MARKET THOUGHT OF THE DAY *

Gold hit a fresh 6.5-month high of $675.00 today. Bulls are very strong and eyeing the $700.00 level. My bias is that key price mark will be hit sooner rather than later. Gold has divorced itself from the flagging crude oil market, which is another bullish signal for the precious yellow metal. If the U.S. dollar weakens against the other major currencies, gold's ascent will be steeper.--Jim

U.S. STOCK INDEXES

The stock indexes are slightly higher in early morning electronic trading. The bulls still have the 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 early today. Today, shorter-term technical support comes in at 1,445.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,440.00. Upside resistance for active traders today is located at the contract high of 1,457.70 and then at 1,460.00. 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:------------ 1,442.60
1st Support:------ 1,435.45
2nd Support:------ 1,430.50
1st Resistance:--- 1,447.55
2nd Resistance:--- 1,454.70

March Russell 2000: 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 average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical support is located at Tuesday's low of 810.00. 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 804.75. On the upside, short-term resistance is seen at the contract high of 820.80. 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:------------ 813.60
1st Support:------ 811.70
2nd Support:------ 808.10
1st Resistance:--- 817.20
2nd Resistance:--- 819.10

March Dow: For today, sell stops likely reside just below support at 12,650 and then more stops just below support at Tuesday's low of 12,615. Buy stops likely reside just above shorter-term technical resistance at 12,700 and then at the contract high of 12,735. 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 neutral early today. Wyckoff's Intra-Day Market Rating: 7.0

PIVOT POINT LEVELS FOR MARCH DOW:

Pivot:------------ 12,663
1st Support:------ 12,638
2nd Support:------ 12,591
1st Resistance:--- 12,710
2nd Resistance:--- 12,735

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are firmer early today. Bears still have the near-term technical advantage.

March U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are neutral today. The 4-day moving average is moving below 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 Tuesday's high of 110 16/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at this week's high of 110 19/32. Shorter-term technical support lies at the overnight low of 110 5/32. 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: 4.0

PIVOT POINT LEVELS FOR MARCH T-BONDS:

Pivot:----------- 110 8/32
1st Support:----- 110 even
2nd Support:----- 109 26/32
1st Resistance:-- 110 14/32
2nd Resistance:-- 110 22/32

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 this week's high of 107.01.0, and more buy stops are likely located just above resistance at 107.10.0. Shorter-term moving averages are neutral early today. The 4-day moving average is moving below the 9-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at Tuesday's low of 106.23.0, and then more sell stops just below support at 106.16.0. Wyckoff's Intra Day Market Rating: 4.0

PIVOT POINT LEVELS FOR MARCH T-NOTES:

Pivot:------------ 106.27.0
1st Support:------ 106.22.0
2nd Support:------ 106.19.0
1st Resistance:--- 106.30.0
2nd Resistance:--- 107.03.0