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 still 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 bearish early today. Today, shorter-term technical support comes in at 1,520.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,515.00. Upside resistance for active traders today is located at 1,530.00 and then at the contract high of 1,535.70. 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:------------ 1,528.50
1st Support:------ 1,521.30
2nd Support:------ 1,517.10
1st Resistance:--- 1,532.70
2nd Resistance:--- 1,539.90

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 bearish early today. Shorter-term technical support is located at 834.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 830.00. On the upside, short-term resistance is seen at 843.50 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:------------ 840.90
1st Support:------ 834.05
2nd Support:------ 830.15
1st Resistance:--- 844.75
2nd Resistance:--- 851.65

June Dow: For today, sell stops likely reside just below support at Wednesday's low of 13,533 and then more stops just below support at 13,500. Buy stops likely reside just above shorter-term technical resistance at Wednesday's contract high of 13,635 and then at 13,700. 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: 6.0

PIVOT POINT LEVELS FOR JUNE DOW:

Pivot:------------ 13,575
1st Support:------ 13,516
2nd Support:------ 13,473
1st Resistance:--- 13,618
2nd Resistance:--- 13,677

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are higher early today, on short-covering bounces in bear markets. Bears still have the 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 bullish early today. Shorter-term technical resistance lies at Wednesday's high of 109 23/32. 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 109 8/32. Sell stops likely reside just below that level. More sell stops are likely located below support at Wednesday's low of 109 2/32. Wyckoff's Intra-Day Market Rating: 3.5

PIVOT POINT LEVELS FOR JUNE T-BONDS:

Pivot:----------- 109 12/32
1st Support:----- 109 even
2nd Support:----- 108 23/32
1st Resistance:-- 109 21/32
2nd Resistance:-- 110 1/32

June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bullish early today. Buy stops likely reside just above shorter-term technical resistance at Wednesday's high of 106.30.0, 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 106.24.0, and then more sell stops just below support at Wednesday's low of 106.18.5. Wyckoff's Intra Day Market Rating: 3.5

PIVOT POINT LEVELS FOR JUNE T-NOTES:

Pivot:------------ 106.24.0
1st Support:------ 106.19.0
2nd Support:------ 106.13.0
1st Resistance:--- 106.30.0
2nd Resistance:--- 107.03.0