* JIM'S MARKET THOUGHT OF THE DAY *

Stock index bulls are making an impressive recovery from this month's lows, and gained good upside technical momentum with solid gains posted on Wednesday. But my bias is that there are still some rough waters ahead in the U.S. stock indexes. Trading action the rest of this week will be extra important for the stock indexes. The bulls need to show that important follow-through strength from Wednesday's big gains. If the indexes close near their weekly highs on Friday, then that would be technically bullish and would be one clue that near-term lows are in place.--Jim

U.S. STOCK INDEXES

The stock indexes are near steady in early morning electronic trading.

June S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are bullish today. The 4-day moving average is above the 9-day and 18-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 1,440.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,435.00. Upside resistance for active traders today is located at Wednesday's high of 1,449.50 and then at 1,455.00. 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:------------ 1,438.50
1st Support:------ 1,427.50
2nd Support:------ 1,410.00
1st Resistance:--- 1,456.00
2nd Resistance:--- 1,467.00

June Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bullish 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 neutral to bullish early today. Shorter-term technical support is located at 810.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 805.00. On the upside, short-term resistance is seen at Wednesday's high of 815.50. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 820.00. Wyckoff's Intra-Day Market Rating: 6.0

PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:

Pivot:------------ 809.60
1st Support:------ 803.70
2nd Support:------ 792.85
1st Resistance:--- 820.40
2nd Resistance:--- 826.35

June Dow: For today, sell stops likely reside just below support at 12,440 and then more stops just below support at 12,400. Buy stops likely reside just above shorter-term technical resistance at Wednesday's high of 12,569 and then at 12,600. Shorter-term moving averages are neutral early today, as the 4-day moving average is above the 9-day and 18-day. The 9-day moving average is below the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bullish early today. Wyckoff's Intra-Day Market Rating: 6.0

PIVOT POINT LEVELS FOR JUNE DOW:

Pivot:------------ 12,481
1st Support:------ 12,392
2nd Support:------ 12,262
1st Resistance:--- 12,611
2nd Resistance:--- 12,700

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are lower early today. Prices have backed off after a late rally Wednesday in the wake of a bullish FOMC announcement.

June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bearish 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 bearish early today. Shorter-term technical resistance lies at the overnight high of 112 25/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 113 even. Shorter-term technical support lies at this week's low of 112 12/32. Sell stops likely reside just below that level. More sell stops are likely located below support at this month's low of 112 7/32. Wyckoff's Intra-Day Market Rating: 5.0

PIVOT POINT LEVELS FOR JUNE T-BONDS:

Pivot:----------- 112 21/32
1st Support:----- 112 7/32
2nd Support:----- 111 24/32
1st Resistance:-- 113 4/32
2nd Resistance:-- 113 18/32

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 Wednesday's high of 109.03.0, and more buy stops are likely located just above resistance at this month's high of 109.11.5. Shorter-term moving averages are neutral early today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at 108.24.0, and then more sell stops just below support at 108.15.0. Wyckoff's Intra Day Market Rating: 5.0

PIVOT POINT LEVELS FOR JUNE T-NOTES:

Pivot:------------ 108.24.0
1st Support:------ 108.14.0
2nd Support:------ 108.00.0
1st Resistance:--- 109.06.0
2nd Resistance:--- 109.16.0