U.S. STOCK INDEXES

The stock indexes are lower in early morning electronic trading, on a profit-taking pullback. 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 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical support comes in at last week'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 Monday's high of 1,524.20 and then at 1,530.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 6.0

PIVOT POINT LEVELS FOR JUNE S&P 500:

Pivot:------------ 1,520.35
1st Support:------ 1,516.50
2nd Support:------ 1,510.45
1st Resistance:--- 1,526.40
2nd Resistance:--- 1,530.25

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 bullish early today. Shorter-term technical support is located at Monday's low of 832.95. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 827.00. On the upside, short-term resistance is seen at Monday's high of 840.00 and then at the contract high of 847.75. 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:------------ 837.45
1st Support:------ 834.90
2nd Support:------ 830.40
1st Resistance:--- 841.95
2nd Resistance:--- 844.50

June Dow: Sell stops likely reside just below support at Monday's low of 13,488 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 Monday's high of 13,590 and then at the contract high of 13,653. 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: 6.0

PIVOT POINT LEVELS FOR JUNE DOW:

Pivot:------------ 13,545
1st Support:------ 13,501
2nd Support:------ 13,443
1st Resistance:--- 13,603
2nd Resistance:--- 13,647

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are higher early today, on a short-covering bounce. Key for the market today will be this afternoon's FOMC minutes.

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 Tuesday's high of 109 12/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 109 19/32. Shorter-term technical support lies at Tuesday'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 4/32
1st Support:----- 108 29/32
2nd Support:----- 108 24/32
1st Resistance:-- 109 9/32
2nd Resistance:-- 109 16/32

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 Monday's high of 106.22.5, and more buy stops are likely located just above resistance at 106.27.5. 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 106.08.0. Wyckoff's Intra Day Market Rating: 5.0

PIVOT POINT LEVELS FOR JUNE T-NOTES:

Pivot:------------ 106.18.0
1st Support:------ 106.12.0
2nd Support:------ 106.09.0
1st Resistance:--- 106.21.0
2nd Resistance:--- 106.27.0