We lay the foundations of a Morse homology on the space of connections on a principal -bundle over a compact manifold , based on a newly defined gauge-invariant functional . While the critical points of $\mathcal JPL^2$-gradient gives rise to a novel system of elliptic equations. This contrasts previous approaches to a study of the Yang-Mills functional via a parabolic gradient flow. We carry out the complete analytical details of our program in the case of a compact two-dimensional base manifold . We furthermore discuss its relation to the well-developed parabolic Morse homology of Riemannian surfaces. Finally, an application of our elliptic theory is given to three-dimensional product manifolds .

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