* JIM'S MARKET THOUGHT OF THE DAY *

With crude oil prices trading up around $2.00 a barrel this morning, this market will be the most important "outside market" for many other markets today and in the near term. The soaring crude market may prompt renewed "commodity fund" interest on the long side in raw commodities markets such as metals, grains and livestock futures. Indeed, in early morning trading I don't see any raw commodity futures market trading lower.--Jim

U.S. STOCK INDEXES

The stock indexes are lower in early morning electronic trading, amid the higher crude oil prices. The stock index bulls are now fading this week, after a good week last week.

June S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are still bullish today. The 4-day moving average is above the 9-day and 18-day, but is turning down. 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 the overnight low of 1,432.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,426.50. Upside resistance for active traders today is located at the overnight high of 1,440.50 and then at Tuesday's high of 1,446.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 4.0

PIVOT POINT LEVELS FOR JUNE S&P 500:

Pivot:------------ 1,440.95
1st Support:------ 1,435.90
2nd Support:------ 1,431.15
1st Resistance:--- 1,445.70
2nd Resistance:--- 1,450.75

June Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are still bullish today. The 4-day moving average is above the 9-day, but is turning down. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical support is located at 800.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 795.00. On the upside, short-term resistance is seen at 810.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at Tuesday's high of 813.50. Wyckoff's Intra-Day Market Rating: 4.0

PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:

Pivot:------------ 809.95
1st Support:------ 806.40
2nd Support:------ 802.95
1st Resistance:--- 813.40
2nd Resistance:--- 816.95

June Dow: For today, sell stops likely reside just below support at this week's low of 12,453 and then more stops just below support at 12,400. Buy stops likely reside just above shorter-term technical resistance at Tuesday's high of 12,529 and then at this week's high of 12,575. Shorter-term moving averages are bullish early today, as the 4-day moving average is above the 9-day and 18-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: 4.0

PIVOT POINT LEVELS FOR JUNE DOW:

Pivot:------------ 12,490
1st Support:------ 12,450
2nd Support:------ 12,417
1st Resistance:--- 12,523
2nd Resistance:--- 12,563

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are firmer early today, on a bit of a flight-to-quality bid due to tensions in the Persian Gulf. Bulls still have some heavy lifting to do in the near term, to get back the technical advantage.

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 bullish early today. Shorter-term technical resistance lies at 112 even. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Monday's and Tuesday's high of 112 11/32. Shorter-term technical support lies at this week's low of 111 18/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 111 8/32. Wyckoff's Intra-Day Market Rating: 4.5

PIVOT POINT LEVELS FOR JUNE T-BONDS:

Pivot:----------- 111 25/32
1st Support:----- 111 18/32
2nd Support:----- 111 12/32
1st Resistance:-- 111 31/32
2nd Resistance:-- 112 6/32

June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Buy stops likely reside just above shorter-term technical resistance at this week's high of 108.23.0, and more buy stops are likely located just above resistance at 109.00.0. 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 Tuesday's low of 108.10.5, and then more sell stops just below support at this week's low of 108.06.5. Wyckoff's Intra Day Market Rating: 4.5

PIVOT POINT LEVELS FOR JUNE T-NOTES:

Pivot:------------ 108.14.0
1st Support:------ 108.09.0
2nd Support:------ 108.07.0
1st Resistance:--- 108.16.0
2nd Resistance:--- 108.21.0