TODAY'S KEY U.S. ECONOMIC DATA

On tap for today is the ICSC chain store sales report, the U.S. trade deficit report, and the Redbook retail sales index.

* JIM'S MARKET THOUGHT OF THE DAY *

The next couple of trading sessions will be extra important for crude oil traders. The inability of prices to push above $60.00 a barrel the past week has given the bears some renewed confidence. If we see follow-through selling pressure today or Wednesday in crude, following big losses Monday, then that would strongly suggest prices drifting in a range between $50.00 and $60.00 a barrel in the coming weeks.

U.S. STOCK INDEXES

The stock indexes are slightly higher in early morning electronic trading. The bulls have faded a bit after scoring fresh contract highs recently, but 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 bearish early today. Today, shorter-term technical support comes in at Monday's low of 1,435.10. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,430.00. Upside resistance for active traders today is located at Monday's high of 1,444.70 and then at 1,450.00. 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:------------ 1,439.25
1st Support:------ 1,433.80
2nd Support:------ 1,429.65
1st Resistance:--- 1,443.40
2nd Resistance:--- 1,448.85

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 bearish early today. Shorter-term technical support is located at Monday's low of 804.75. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 800.00. On the upside, short-term resistance is seen at Monday's high of 812.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at the contract high of 820.80. Wyckoff's Intra-Day Market Rating: 6.0

PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:

Pivot:------------ 808.65
1st Support:------ 805.30
2nd Support:------ 801.40
1st Resistance:--- 812.55
2nd Resistance:--- 815.90

March Dow: For today, sell stops likely reside just below support at Monday's low of 12,560 and then more stops just below support at 12,500. Buy stops likely reside just above shorter-term technical resistance at Monday's high of 12,626 and then at 12,675. 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:------------ 12,590
1st Support:------ 12,554
2nd Support:------ 12,524
1st Resistance:--- 12,620
2nd Resistance:--- 12,656

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are near steady early today. Bears 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 Monday's high of 110 19/32. 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 of 110 4/32. 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 11/32
1st Support:----- 110 4/32
2nd Support:----- 109 30/32
1st Resistance:-- 110 17/32
2nd Resistance:-- 110 24/32

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 Monday'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 the overnight low of 106.24.0, 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:------------ 106.28.0
1st Support:------ 106.24.0
2nd Support:------ 106.20.0
1st Resistance:--- 107.00.0
2nd Resistance:--- 107.04.0