Name: Jim Wyckoff 
U.S. Stock Indexes Firmer Early
Friday, May 25--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is higher U.S. stock index futures.
* JIM'S MARKET THOUGHT OF THE DAY *
If the market or markets you have been following this week have been trending this week, then today (Friday) could see those markets post a corrective pullback. Reason: Heading into the long holiday weekend, many traders want to even positions or pull profits off the table. Fridays tend to see more of that type of price action than other days, due to traders being uneasy holding positions over the weekend. A three-day holiday weekend only makes that tendency stronger.--Jim
U.S. STOCK INDEXES
The stock indexes are higher in early morning electronic trading, following losses on Thursday. Same story: Bulls still have the overall near-term technical advantage in the indexes.
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 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 Thursday's low of 1,507.80. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,500.00. Upside resistance for active traders today is located at 1,520.00 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:------------ 1,517.30
1st Support:------ 1,502.10
2nd Support:------ 1,492.60
1st Resistance:--- 1,526.80
2nd Resistance:--- 1,542.00
June Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is above the 9-day. The 9-day average is below the 18-day, but is turning up. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical support is located at Thursday's low of 822.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 817.00. On the upside, short-term resistance is seen at 830.00 and then at 835.00. 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:------------ 830.05
1st Support:------ 818.15
2nd Support:------ 810.05
1st Resistance:--- 838.15
2nd Resistance:--- 850.05
June Dow: For today, a solidly lower close would confirm a bearish key reversal, which would be one early clue that a near-term top is in place. Sell stops likely reside just below support at Thursday's low of 13,450 and then more stops just below support at 13,400. Buy stops likely reside just above shorter-term technical resistance at 13,500 and then at 13,550. 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 bearish early today. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 13,528
1st Support:------ 13,402
2nd Support:------ 13,325
1st Resistance:--- 13,605
2nd Resistance:--- 13,731
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are steady to firmer early today, on short-covering. However, the bears to appear to have become exhausted on Thursday, as selling interest dried up at the fresh for-the-move lows and prices did drift back higher. Solidly higher closes today would be extra bullish for bonds and notes.
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 to bullish early today. Shorter-term technical resistance lies at the overnight high of 109 19/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 109 24/32. Shorter-term technical support lies at the overnight low of 109 8/32. Sell stops likely reside just below that level. More sell stops are likely located below support at Thursday's low of 109 even. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 109 6/32
1st Support:----- 108 28/32
2nd Support:----- 108 14/32
1st Resistance:-- 109 20/32
2nd Resistance:-- 109 30/32
June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight 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 106.21.0, and then more sell stops just below support at Thursday's low of 106.13.0. Wyckoff's Intra Day Market Rating: 5.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 106.21.0
1st Support:------ 106.14.0
2nd Support:------ 106.06.0
1st Resistance:--- 106.29.0
2nd Resistance:--- 107.04.0
