Name: Jim Wyckoff 
Today is an Extra Important Trading Day for Markets
Friday, May 30--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is firmer U.S. stock indexes.
* JIM'S MARKET THOUGHT OF THE DAY *
Today is the last trading day of the week and the last trading day of the month. Today is a very important day for markets, from a technical perspective. Any markets that close at a monthly and/or weekly high close will gain technical strength. Any markets that close at a monthly and/or weekly low close will suffer at last a bit of technical damage. Funds may be more active today as they do some book-squaring to end the month.--Jim
U.S. STOCK INDEXES
The stock indexes are firmer in early morning trading. The bulls this week have regained fresh upside near-term technical momentum.
June S&P 500: 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 is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bullish early today. Today, shorter-term technical support comes in at the overnight low of 1,395.50. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Thursday's low of 1,386.70. Upside resistance for active traders today is located at this week's high of 1,407.00 and then at 1,415.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level: 1,407.00.
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,397.20
1st Support:------ 1,387.35
2nd Support:------ 1,376.90
1st Resistance:--- 1,407.65
2nd Resistance:--- 1,417.50
June Nasdaq Index: The shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical support is located at the overnight low of 2,023.75. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Thursday's low of 2,000.00. On the upside, short-term resistance is seen at the May high of 2,055.00 and then at 2,075.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level: 2,015.00
PIVOT POINT LEVELS FOR JUNE NASDAQ:
Pivot:------------ 2,018.70
1st Support:------ 2,004.35
2nd Support:------ 1,985.70
1st Resistance:--- 2,037.35
2nd Resistance:--- 2,051.70
June Dow: Sell stops likely reside just below support at Thursday's low of 12,550 and then more stops just below support at Wednesday's low of 12,490. Buy stops likely reside just above shorter-term technical resistance at 12,700 and then just above resistance at Thursday's high of 12,722. Shorter-term moving averages are bearish early today, as the 4-day moving average is below the 9-day. The 9-day moving average is below the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral early today. Wyckoff's Intra-Day Market Rating: 5.5
Today's key near-term Fibonacci support/resistance level: 12,714
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,632
1st Support:------ 12,542
2nd Support:------ 12,460
1st Resistance:--- 12,714
2nd Resistance:--- 12,804
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are firmer in early trading today, on a tepid short-covering bounce from recent losses. Price action this week has seen bearish downside breakouts from trading ranges in both bonds and notes. Bears still have downside technical momentum.
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. 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 114 11/32 and then at 114 16/32. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 113 30/32 and then at 113 24/32. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 4.5
Today's key near-term Fibonacci support/resistance level: 114 30/32
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 114 3/32
1st Support:----- 113 8/32
2nd Support:----- 112 18/32
1st Resistance:-- 114 25/32
2nd Resistance:-- 115 20/32
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 Thursday's high of 114.05.5 and then above resistance at 114.16.0. 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 113.21.5 and then more sell stops just below support at 113.16.0. Wyckoff's Intra Day Market Rating: 4.5
Today's key near-term Fibonacci support/resistance level: 114.07.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 113.22.0
1st Support:------ 113.05.0
2nd Support:------ 112.20.0
1st Resistance:--- 114.07.0
2nd Resistance:--- 114.24.0
