* JIM'S MARKET THOUGHT OF THE DAY *

Watch this morning's U.S. housing starts report. This economic data will be extra important for stock and financial market traders, given the sub-prime lending woes that have hit the markets recently. Today's housing starts report for February is due out at 8:30 a.m. EDT, and is expected to be up 3.0% versus last month's big decline of 14.3%.--Jim

U.S. STOCK INDEXES

The stock indexes are mostly weaker in early morning electronic trading.

June S&P 500: The shorter-term moving averages (4-, 9- and 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. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support comes in at 1,408.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,400.00. Upside resistance for active traders today is located at the overnight high of 1,417.20 and then at 1,420.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 4.5

PIVOT POINT LEVELS FOR JUNE S&P 500:

Pivot:------------ 1,408.90
1st Support:------ 1,401.75
2nd Support:------ 1,387.70
1st Resistance:--- 1,422.95
2nd Resistance:--- 1,430.10

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 Monday's low of 789.65. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 780.00. On the upside, short-term resistance is seen at 800.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 805.00. Wyckoff's Intra-Day Market Rating: 5.0

PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:

Pivot:------------ 793.05
1st Support:------ 789.90
2nd Support:------ 786.55
1st Resistance:--- 796.45
2nd Resistance:--- 799.55

June Dow: For today, sell stops likely reside just below support at 12,300 and then more stops just below support at Monday's low of 12,257. Buy stops likely reside just above shorter-term technical resistance at Monday's high of 12,330 and then at 12,400. 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 neutral today. Wyckoff's Intra-Day Market Rating: 4.5

PIVOT POINT LEVELS FOR JUNE DOW:

Pivot:------------ 12,305
1st Support:------ 12,281
2nd Support:------ 12,232
1st Resistance:--- 12,354
2nd Resistance:--- 12,378

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are near steady early today. Bulls have faded and need to step up and show power soon.

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 24/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Monday's high of 112 30/32. Shorter-term technical support lies at Monday'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: 4.5

PIVOT POINT LEVELS FOR JUNE T-BONDS:

Pivot:----------- 112 18/32
1st Support:----- 112 10/32
2nd Support:----- 112 4/32
1st Resistance:-- 112 24/32
2nd Resistance:-- 113 even

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 108.27.5, 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 Monday'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: 4.5

PIVOT POINT LEVELS FOR JUNE T-NOTES:

Pivot:------------ 108.21.0
1st Support:------ 108.14.0
2nd Support:------ 108.09.0
1st Resistance:--- 108.26.0
2nd Resistance:--- 109.01.0