Intraday market notes & observations – June 2

3:00pm ET:  5/31 blog update: SPX hits lower channel bound
We noted on Tuesday that the SPX is caught in a tight downward trending channel. On that day, it bounced off its upper bound and today it appears to be bouncing off its lower bound. We’ll see if there’s follow-through to the upside tomorrow.

12:50pm ET: Intraday support/resistance:
SPX 1302/1318
DTX 527/535
DJIA 12180/12300
Nasdaq 2755/2785
OEX 578/586
VIX 17.5/19
Trin range: 0.6 – 1.35 (currently 1.0)
Average VWAPs: +31/-72 (slightly bearish)

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