* JIM'S MARKET THOUGHT OF THE DAY *

Crude oil has again become the key "outside market" for many markets, amid the heightened tensions in the Persian Gulf. Any flare-up of tensions in the Gulf will prompt another price spike in crude. Any significant easing of tensions in the Gulf will likely prompt a sell off. All traders will keep one eye on the price of crude for at least the near term.--Jim

U.S. STOCK INDEXES

The stock indexes are modestly higher in early morning electronic trading, amid steady 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 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 neutral to bearish early today. Today, shorter-term technical support comes in at the overnight low of 1,428.70. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Wednesday's low of 1,424.00. Upside resistance for active traders today is located at Wednesday's high of 1,436.50 and then at 1,440.00. 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:------------ 1,430.05
1st Support:------ 1,423.60
2nd Support:------ 1,417.55
1st Resistance:--- 1,436.10
2nd Resistance:--- 1,442.55

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 neutral early today. Shorter-term technical support is located at 805.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Wednesday's low of 798.00. On the upside, short-term resistance is seen at Tuesday's high of 813.50. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at last week's high of 818.25. Wyckoff's Intra-Day Market Rating: 5.0

PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:

Pivot:------------ 802.95
1st Support:------ 798.90
2nd Support:------ 793.95
1st Resistance:--- 807.90
2nd Resistance:--- 811.95

June Dow: For today, sell stops likely reside just below support at 12,350 and then more stops just below support at Wednesday's low of 12,330. Buy stops likely reside just above shorter-term technical resistance at 12,400 and then just above resistance at Wednesday's high of 12,448. Shorter-term moving averages are bullish early today, as the 4-day moving average is above the 9-day and 18-day, but is turning down. 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: 5.0

PIVOT POINT LEVELS FOR JUNE DOW:

Pivot:------------ 12,389
1st Support:------ 12,329
2nd Support:------ 12,271
1st Resistance:--- 12,447
2nd Resistance:--- 12,507

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are near steady early today. Bulls are fading this week. Bearish remarks from Fed Chair Bernanke on Wednesday also deflated the bulls.

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 early today. Shorter-term technical resistance lies at 111 24/32. 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 Wednesday's low of 111 14/32. 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 24/32
1st Support:----- 111 8/32
2nd Support:----- 110 30/32
1st Resistance:-- 112 2/32
2nd Resistance:-- 112 18/32

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 108.16.0, 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 this week's low of 108.06.5, and then more sell stops just below support at 108.00.0. Wyckoff's Intra Day Market Rating: 4.0

PIVOT POINT LEVELS FOR JUNE T-NOTES:

Pivot:------------ 108.16.0
1st Support:------ 108.06.0
2nd Support:------ 108.00.0
1st Resistance:--- 108.22.0
2nd Resistance:--- 109.00.0