* JIM'S MARKET THOUGHT OF THE DAY *

There are several U.S. economic reports due out today, which the stock and financial markets will closely scrutinize. Traders will again keep one eye on crude oil prices. Price action today will be extra important in many markets, including stock indexes, Treasuries, grains, metals and currencies. It's the last trading day of the month and the quarter, too.--Jim

U.S. STOCK INDEXES

The stock indexes are narrowly mixed in early morning electronic trading, with buying interest limited amid the recent sharp gains in crude oil prices. The stock index bulls are fading this week, after a good week last week.

June S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are neutral today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Today, shorter-term technical support comes in at Thursday's low of 1,423.10. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,420.00. Upside resistance for active traders today is located at Thursday's high of 1,438.30 and then at 1,451.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 5.0

PIVOT POINT LEVELS FOR JUNE S&P 500:

Pivot:------------ 1,431.00
1st Support:------ 1,423.65
2nd Support:------ 1,415.75
1st Resistance:--- 1,438.85
2nd Resistance:--- 1,446.20

June Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are still bullish today, but just barely. 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 neutral to bearish early today. Shorter-term technical support is located at Thursday's low of 797.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 790.00. On the upside, short-term resistance is seen at Thursday's high of 809.55. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 813.50. Wyckoff's Intra-Day Market Rating: 5.0

PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:

Pivot:------------ 803.60
1st Support:------ 797.70
2nd Support:------ 791.10
1st Resistance:--- 810.25
2nd Resistance:--- 816.20

June Dow: For today, sell stops likely reside just below support at 12,400 and then more stops just below support at this week's low of 12,330. Buy stops likely reside just above shorter-term technical resistance at Thursday's high of 12,467 and then just above resistance at 12,500. Shorter-term moving averages are neutral early today, as the 4-day moving average is below the 9-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral early today. Wyckoff's Intra-Day Market Rating: 5.0

PIVOT POINT LEVELS FOR JUNE DOW:

Pivot:------------ 12,408
1st Support:------ 12,348
2nd Support:------ 12,281
1st Resistance:--- 12,475
2nd Resistance:--- 12,535

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are slightly lower early today. Bulls are fading this week and bears would gain better downside technical momentum by producing a weekly and monthly low close today.

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 bearish early today. Shorter-term technical resistance lies at Thursday's high of 111 22/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 112 even. Shorter-term technical support lies at Thursday's low of 111 10/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 111 even. Wyckoff's Intra-Day Market Rating: 3.5

PIVOT POINT LEVELS FOR JUNE T-BONDS:

Pivot:----------- 111 15/32
1st Support:----- 111 8/32
2nd Support:----- 111 3/32
1st Resistance:-- 111 20/32
2nd Resistance:-- 111 27/32

June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Buy stops likely reside just above shorter-term technical resistance at Thursday's high of 108.13.0, and more buy stops are likely located just above resistance at Wednesday's high of 108.25.0. 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 Thursday's low of 108.03.5, and then more sell stops just below support at 108.00.0. Wyckoff's Intra Day Market Rating: 3.5

PIVOT POINT LEVELS FOR JUNE T-NOTES:

Pivot:------------ 108.07.0
1st Support:------ 108.01.0
2nd Support:------ 107.30.0
1st Resistance:--- 108.10.0
2nd Resistance:--- 108.16.0