U.S. STOCK INDEXES

The stock indexes are firmer in early morning electronic trading, after setting fresh contract highs Friday for the Dow and overnight for the S&P 500. Bulls still have the overall near-term technical advantage in the indexes, and there are still no early warning flags of market tops being close at hand. However, the indexes, especially the Dow, are due for a significant downside "correction" at some point in the not too distant future.

June S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are bullish early 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 neutral early today. Today, shorter-term technical support comes in at 1,525.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,520.00. Upside resistance for active traders today is located at 1,530.00 and then at 1,535.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 8.0

PIVOT POINT LEVELS FOR JUNE S&P 500:

Pivot:------------ 1,523.20
1st Support:------ 1,518.40
2nd Support:------ 1,508.90
1st Resistance:--- 1,532.70
2nd Resistance:--- 1,537.50

June Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day, but is turning up. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical support is located at 820.00. 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 814.05. On the upside, short-term resistance is seen at Friday's high of 827.50 and then at last week's high of 833.50. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 7.0

PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:

Pivot:------------ 822.10
1st Support:------ 816.75
2nd Support:------ 808.70
1st Resistance:--- 830.20
2nd Resistance:--- 835.60

June Dow: For today, sell stops likely reside just below support at Friday's low of 13,540 and then more stops just below support at 13,500. Buy stops likely reside just above shorter-term technical resistance at 13,650 and then at 13,700. Shorter-term moving averages are still 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 bearish early today. Wyckoff's Intra-Day Market Rating: 8.0

PIVOT POINT LEVELS FOR JUNE DOW:

Pivot:------------ 13,581
1st Support:------ 13,558
2nd Support:------ 13,517
1st Resistance:--- 13,622
2nd Resistance:--- 13,645

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are steady to weaker early today, after solid losses Friday. Bears have the solid near-term technical advantage.

June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance lies at the overnight high of 110 1/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 110 10/32. Shorter-term technical support lies at the overnight low of 109 25/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 109 16/32. Wyckoff's Intra-Day Market Rating: 3.5

PIVOT POINT LEVELS FOR JUNE T-BONDS:

Pivot:----------- 110 4/32
1st Support:----- 109 19/32
2nd Support:----- 109 8/32
1st Resistance:-- 110 15/32
2nd Resistance:-- 111 even

June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 107.03.5, and more buy stops are likely located just above resistance at 107.08.0. Shorter-term moving averages are bearish early today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Sell stop orders are likely located just below support at the overnight low of 106.30.5, and then more sell stops just below support at 106.24.0. Wyckoff's Intra Day Market Rating: 3.5

PIVOT POINT LEVELS FOR JUNE T-NOTES:

Pivot:------------ 107.06.0
1st Support:------ 106.27.0
2nd Support:------ 106.21.0
1st Resistance:--- 107.12.0
2nd Resistance:--- 107.23.0