U.S. STOCK INDEXES

The stock indexes are modestly higher in early morning electronic trading. Bulls still have the overall near-term technical advantage in the indexes, amid no early warning signals of market tops being close at hand.

June S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is below the 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bullish early today. Today, shorter-term technical support comes in at Friday's low of 1,516.20. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at last week's low of 1,507.80. Upside resistance for active traders today is located at 1,525.00 and then at 1,530.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 7.0

PIVOT POINT LEVELS FOR JUNE S&P 500:

Pivot:------------ 1,516.00
1st Support:------ 1,511.75
2nd Support:------ 1,506.20
1st Resistance:--- 1,521.55
2nd Resistance:--- 1,525.80

June Russell 2000: 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 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 Friday's low of 827.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at last week's low of 822.00. On the upside, short-term resistance is seen at 835.00 and then at 840.00. 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:------------ 830.60
1st Support:------ 828.20
2nd Support:------ 824.60
1st Resistance:--- 834.20
2nd Resistance:--- 836.60

June Dow: Sell stops likely reside just below support at Friday's low of 13,475 and then more stops just below support at last week's low of 13,450. Buy stops likely reside just above shorter-term technical resistance at Friday's high of 13,540 and then at 13,600. Shorter-term moving averages are still bullish early today, as the 4-day moving average is above the 9-day, but is turning down. 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 JUNE DOW:

Pivot:------------ 13,514
1st Support:------ 13,488
2nd Support:------ 13,449
1st Resistance:--- 13,553
2nd Resistance:--- 13,579

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are weaker early today. However, the bears to appear to have become exhausted last week, as selling interest dried up at the fresh for-the-move lows and prices did drift back higher. Last week's lows are now key near-term technical support, and closes below those lows would be very near-term bearish.

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 neutral early today. Shorter-term technical resistance lies at the overnight high of 109 8/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Friday's high of 109 19/32. Shorter-term technical support lies at the overnight low of 109 3/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 109 even. Wyckoff's Intra-Day Market Rating: 4.0

PIVOT POINT LEVELS FOR JUNE T-BONDS:

Pivot:----------- 109 10/32
1st Support:----- 109 even
2nd Support:----- 108 25/32
1st Resistance:-- 109 17/32
2nd Resistance:-- 109 27/32

June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral early today. Buy stops likely reside just above shorter-term technical resistance at Friday's high of 106.27.5, and more buy stops are likely located just above resistance at 107.00.0. 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 106.17.0, and then more sell stops just below support at last week's low of 106.13.0. Wyckoff's Intra Day Market Rating: 4.0

PIVOT POINT LEVELS FOR JUNE T-NOTES:

Pivot:------------ 106.22.0
1st Support:------ 106.17.0
2nd Support:------ 106.12.0
1st Resistance:--- 106.27.0
2nd Resistance:--- 107.00.0