* JIM'S MARKET THOUGHT OF THE DAY *

Stock index traders took a "rest day" Thursday following strong gains Wednesday. That sets the stage for an extra important day of trading in the indexes Friday. The bulls today need to show important follow-through strength from Wednesday's big gains. If the indexes close near their weekly highs today, then 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 slightly higher in early morning electronic trading.

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 Thursday's low of 1,441.20. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,435.00. Upside resistance for active traders today is located at Thursday's high of 1,450.90 and then at 1,455.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 7.0

PIVOT POINT LEVELS FOR JUNE S&P 500:

Pivot:------------ 1,445.70
1st Support:------ 1,440.50
2nd Support:------ 1,436.00
1st Resistance:--- 1,450.20
2nd Resistance:--- 1,455.40

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 neutral to bullish early today. Shorter-term technical support is located at Thursday's low of 810.75. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 805.00. On the upside, short-term resistance is seen at Thursday'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: 6.5

PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:

Pivot:------------ 814.47
1st Support:------ 810.70
2nd Support:------ 807.00
1st Resistance:--- 818.20
2nd Resistance:--- 822.00

June Dow: For today, sell stops likely reside just below support at Thursday's low of 12,496 and then more stops just below support at 12,440. Buy stops likely reside just above shorter-term technical resistance at Thursday's high of 12,575 and then at 12,600. 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 to bullish early today. Wyckoff's Intra-Day Market Rating: 7.0

PIVOT POINT LEVELS FOR JUNE DOW:

Pivot:------------ 12,539
1st Support:------ 12,502
2nd Support:------ 12,460
1st Resistance:--- 12,581
2nd Resistance:--- 12,618

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are firmer early today, after strong losses Thursday. Bulls are fading as bears have some fresh technical momentum on their side.

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 16/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Thursday's high of 112 25/32. Shorter-term technical support lies at Thursday's low of 111 28/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 111 24/32. Wyckoff's Intra-Day Market Rating: 4.0

PIVOT POINT LEVELS FOR JUNE T-BONDS:

Pivot:----------- 112 8/32
1st Support:----- 111 22/32
2nd Support:----- 111 11/32
1st Resistance:-- 112 19/32
2nd Resistance:-- 113 5/32

June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral early today. Buy stops likely reside just above shorter-term technical resistance at 108.24.0, and more buy stops are likely located just above resistance at Thursday's high of 108.29.5. 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 Thursday's low of 108.14.5, and then more sell stops just below support at this week's low of 108.10.0. Wyckoff's Intra Day Market Rating: 4.0

PIVOT POINT LEVELS FOR JUNE T-NOTES:

Pivot:------------ 108.21.0
1st Support:------ 108.11.0
2nd Support:------ 108.06.0
1st Resistance:--- 108.26.0
2nd Resistance:--- 109.04.0