A Noncrossing Basis for Noncommutative Invariants of SL(2,C)

Noncommutative invariant theory is a generalization of the classical invariant theory of the action of $SL(2,\IC)$ on binary forms. The dimensions of the spaces of invariant noncommutative polynomials coincide with the numbers of certain noncrossing partitions. We give an elementary combinatorial explanation of this fact by constructing a noncrossing basis of the homogeneous components. Using the theory free stochastic measures this provides a combinatorial proof of the Molien-Weyl formula in this setting.