U.S. STOCK INDEXES

The stock indexes are solidly higher in early morning electronic trading, amid recent fresh contract highs. Bulls still have the overall near-term technical advantage in the indexes, and there are still no early technical warning flags of market tops being close at hand.

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 early today. Today, shorter-term technical support comes in at Tuesday's low of 1,525.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,520.00. Upside resistance for active traders today is located at Monday's contract high of 1,533.80 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:------------ 1,527.85
1st Support:------ 1,522.50
2nd Support:------ 1,519.65
1st Resistance:--- 1,530.70
2nd Resistance:--- 1,536.05

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 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 Tuesday's low of 833.90. On the upside, short-term resistance is seen at the contract high of 843.50 and then at 845.00. 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:------------ 839.25
1st Support:------ 835.05
2nd Support:------ 829.65
1st Resistance:--- 844.65
2nd Resistance:--- 848.85

June Dow: For today, sell stops likely reside just below support at 13,550 and then more stops just below support at 13,500. Buy stops likely reside just above shorter-term technical resistance at Monday's contract high of 13,620 and then at 13,650. 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 bearish early today. Wyckoff's Intra-Day Market Rating: 8.0

PIVOT POINT LEVELS FOR JUNE DOW:

Pivot:------------ 13,578
1st Support:------ 13,536
2nd Support:------ 13,514
1st Resistance:--- 13,600
2nd Resistance:--- 13,642

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are lower early today, and hit fresh multi-month lows overnight. Bears still have the solid near-term technical advantage. But the markets are short-term oversold and due for a corrective bounce very soon.

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 bearish early today. Shorter-term technical resistance lies at the overnight high of 109 22/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 110 even. Shorter-term technical support lies at the January low of 109 5/32. 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: 2.5

PIVOT POINT LEVELS FOR JUNE T-BONDS:

Pivot:----------- 109 25/32
1st Support:----- 109 12/32
2nd Support:----- 109 6/32
1st Resistance:-- 109 31/32
2nd Resistance:-- 110 12/32

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 the overnight high of 106.28.5, 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 106.22.5, and then more sell stops just below support at 106.16.0. Wyckoff's Intra Day Market Rating: 2.5

PIVOT POINT LEVELS FOR JUNE T-NOTES:

Pivot:------------ 106.31.0
1st Support:------ 106.24.0
2nd Support:------ 106.20.0
1st Resistance:--- 107.03.0
2nd Resistance:--- 107.10.0