Name: Jim Wyckoff 
U.S. Stock Indexes Firmer Early
Thursday, May 31--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 *
Attention commodities traders: Arguably the three most volatile trading months in the grain futures lie just ahead (June, July and August). Already, there are some weather forecasters calling for hotter and drier weather patterns in the U.S. Midwest this summer. Grain futures markets rallied strongly Wednesday on bullish weather forecasts. There is really nothing more exciting in the trading world than a "weather market" in the grain futures. Look for a volatile and exciting summer in the grain markets.--Jim
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading, on follow-through strength from solid gains Wednesday. Bulls still have the overall near-term technical advantage in the indexes, amid no early warning signals of market tops being close at hand. However, the stock index bulls need to be cautious about a looming downside correction that is not a matter of "if" but a matter of "when."
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 bullish early today. Today, shorter-term technical support comes in at 1,530.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,525.00. Upside resistance for active traders today is located at the contract high of 1,535.70 and then at 1,540.00. 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:------------ 1,526.90
1st Support:------ 1,519.60
2nd Support:------ 1,505.30
1st Resistance:--- 1,541.20
2nd Resistance:--- 1,548.50
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 840.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 835.00. On the upside, short-term resistance is seen at the contract high of 847.75 and then at 850.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:
Pivot:------------ 840.20
1st Support:------ 835.40
2nd Support:------ 826.20
1st Resistance:--- 849.40
2nd Resistance:--- 854.20
June Dow: Sell stops likely reside just below support at 13,600 and then more stops just below support at 13,550. Buy stops likely reside just above shorter-term technical resistance at 13,700 and then at 13,750. Shorter-term moving averages are neutral early today, as the 4-day moving average is below 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:------------ 13,595
1st Support:------ 13,531
2nd Support:------ 13,405
1st Resistance:--- 13,721
2nd Resistance:--- 13,785
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are slightly higher early today, on a short-covering bounce. Trading may be quieter today ahead of the key U.S. jobs report Friday morning.
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 Wednesday's high of 109 16/32. 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 this week's low of 109 even. Sell stops likely reside just below that level. More sell stops are likely located below support at last week's low of 108 25/32. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 109 8/32
1st Support:----- 109 even
2nd Support:----- 108 25/32
1st Resistance:-- 109 15/32
2nd Resistance:-- 109 23/32
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 Wednesday's high of 106.24.5, 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 last week's low of 106.13.0, and then more sell stops just below support at the January low of 106.06.5. Wyckoff's Intra Day Market Rating: 5.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 106.19.0
1st Support:------ 106.13.0
2nd Support:------ 106.09.0
1st Resistance:--- 106.23.0
2nd Resistance:--- 106.29.0
