U.S. STOCK INDEXES

The stock indexes are firmer in early morning electronic trading. 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 to bullish early today. Today, shorter-term technical support comes in at the overnight low of 1,513.70. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,510.00. Upside resistance for active traders today is located at Thursday's contract high of 1,521.50 and then at 1,525.00. 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:------------ 1,516.65
1st Support:------ 1,511.80
2nd Support:------ 1,508.35
1st Resistance:--- 1,520.10
2nd Resistance:--- 1,524.95

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. 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 this week's low of 812.30. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at the May low of 810.30. On the upside, short-term resistance is seen at Thursday's high of 821.50 and then at 825.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 6.0

PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:

Pivot:------------ 817.10
1st Support:------ 812.70
2nd Support:------ 810.50
1st Resistance:--- 819.30
2nd Resistance:--- 823.70

June Dow: For today, sell stops likely reside just below support at Thursday's low of 13,485 and then more stops just below support at 13,450. Buy stops likely reside just above shorter-term technical resistance at Thursday's contract high of 13,555 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. 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: 7.0

PIVOT POINT LEVELS FOR JUNE DOW:

Pivot:------------ 13,515
1st Support:------ 13,476
2nd Support:------ 13,445
1st Resistance:--- 13,545
2nd Resistance:--- 13,585

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are firmer early today, on a short-covering bounce from recent losses. Bears still have the slight 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 neutral early today. Shorter-term technical resistance lies at the overnight high of 110 21/32. 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 Thursday's low of 110 12/32. 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: 4.5

PIVOT POINT LEVELS FOR JUNE T-BONDS:

Pivot:----------- 110 20/32
1st Support:----- 110 7/32
2nd Support:----- 109 31/32
1st Resistance:-- 110 28/32
2nd Resistance:-- 111 9/32

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 107.18.0, and more buy stops are likely located just above resistance at Thursday's high of 107.24.0. 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 Thursday's low of 107.11.0, and then more sell stops just below support at the April low of 107.05.5. Wyckoff's Intra Day Market Rating: 4.5

PIVOT POINT LEVELS FOR JUNE T-NOTES:

Pivot:------------ 107.16.0
1st Support:------ 107.07.0
2nd Support:------ 107.03.0
1st Resistance:--- 107.20.0
2nd Resistance:--- 107.29.0