* JIM'S MARKET THOUGHT OF THE DAY *

Stock index bulls are making an impressive recovery from this month's lows. 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. If the indexes close near their weekly highs on Friday, 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 firmer in early morning electronic trading.

June S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are neutral today. The 4-day moving average is above the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Today, shorter-term technical support comes in at 1,420.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Monday's low of 1,412.50. Upside resistance for active traders today is located at 1,426.50 and then at 1,430.00. 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:------------ 1,419.90
1st Support:------ 1,416.00
2nd Support:------ 1,408.60
1st Resistance:--- 1,427.30
2nd Resistance:--- 1,431.20

June Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are neutral today. The 4-day moving average is above the 9-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical support is located at Tuesday's low of 791.50. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 785.00. On the upside, short-term resistance is seen at 805.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 810.00. Wyckoff's Intra-Day Market Rating: 6.0

PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:

Pivot:------------ 797.50
1st Support:------ 794.50
2nd Support:------ 788.50
1st Resistance:--- 803.50
2nd Resistance:--- 806.50

June Dow: For today, sell stops likely reside just below support at Tuesday's low of 12,301 and then more stops just below support at this week's low of 12,257. Buy stops likely reside just above shorter-term technical resistance at 12,440 and then at 12,500. Shorter-term moving averages are bearish early today, as the 4-day moving average is below 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:------------ 12,358
1st Support:------ 12,328
2nd Support:------ 12,272
1st Resistance:--- 12,414
2nd Resistance:--- 12,444

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are slightly lower early today. Bulls need to step up and show more power soon. Look for more active trading following this afternoon's 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 26/32. 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 13/32
2nd Support:----- 112 5/32
1st Resistance:-- 112 29/32
2nd Resistance:-- 113 5/32

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 this week's high of 108.27.5, and more buy stops are likely located just above resistance at 109.00.0. 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 this week's low of 108.16.0, and then more sell stops just below support at this month's low of 108.07.0. Wyckoff's Intra Day Market Rating: 5.0

PIVOT POINT LEVELS FOR JUNE T-NOTES:

Pivot:------------ 108.22.0
1st Support:------ 108.18.0
2nd Support:------ 108.12.0
1st Resistance:--- 108.28.0
2nd Resistance:--- 109.00.0