* JIM'S MARKET THOUGHT OF THE DAY *

Most of you long-time traders have probably heard of the Italian math wizard Fibonacci. His math formulas have been used in trading markets for decades, and are legitimate. If you send me an email at jim@jimwyckoff.com and I'll send you back a feature story I wrote on Fibonacci. I think you'll find it very interesting.--Jim

U.S. STOCK INDEXES

The stock indexes are slightly lower in early morning electronic trading. The indexes are still pausing after recent solid gains, and these pauses are not bearish.

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 Monday's low of 1,433.80. Upside resistance for active traders today is located at last week's high of 1,451.00 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:------------ 1,442.70
1st Support:------ 1,436.40
2nd Support:------ 1,427.50
1st Resistance:--- 1,451.60
2nd Resistance:--- 1,457.90

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 bearish early today. Shorter-term technical support is located at Monday's low of 807.50. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 800.00. On the upside, short-term resistance is seen at last week's high of 818.25. 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:------------ 812.70
1st Support:------ 808.15
2nd Support:------ 802.95
1st Resistance:--- 817.90
2nd Resistance:--- 822.45

June Dow: For today, sell stops likely reside just below support at 12,500 and then more stops just below support at Monday's low of 12,453. Buy stops likely reside just above shorter-term technical resistance at last week's high of 12,600 and then at 12,650. 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 neutral early today. Wyckoff's Intra-Day Market Rating: 6.0

PIVOT POINT LEVELS FOR JUNE DOW:

Pivot:------------ 12,520
1st Support:------ 12,466
2nd Support:------ 12,398
1st Resistance:--- 12,588
2nd Resistance:--- 12,642

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are lower early today. Bears have solid downside technical momentum on their side. Bulls should be worried that a bullish U.S. economic report on Monday (surprisingly weaker U.S. home sales) did not give the market much of a lift at all.

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 112 even. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Monday's high of 112 11/32. Shorter-term technical support lies at Monday'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: 3.5

PIVOT POINT LEVELS FOR JUNE T-BONDS:

Pivot:----------- 111 30/32
1st Support:----- 111 17/32
2nd Support:----- 111 5/32
1st Resistance:-- 112 10/32
2nd Resistance:-- 112 23/32

June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Buy stops likely reside just above shorter-term technical resistance at Monday'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 Monday's low of 108.06.5, 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:------------ 108.15.0
1st Support:------ 108.07.0
2nd Support:------ 107.31.0
1st Resistance:--- 108.23.0
2nd Resistance:--- 108.31.0