* JIM'S MARKET THOUGHT OF THE DAY *

Attention FOREX and currency futures traders: The U.S. dollar index is an excellent gauge of the overall health of the greenback versus the other major currencies. The dollar index is presently very near some very strong longer-term technical support that in the past has halted major price declines in the index. Market tops may be near in some currencies like the Euro, British pound and the Canadian dollar.--Jim

U.S. STOCK INDEXES

The stock indexes are firmer in early morning electronic trading, amid fresh contract highs overnight. Bulls still have the near-term technical advantage in the indexes, amid no early clues that market tops are close at hand.

June S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are still fully bullish today. The 4-day moving average is above the 9-day. The 9-day is above 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 1,495.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1490.00. Upside resistance for active traders today is located at 1,505.00 and then at 1,510.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 8.0

PIVOT POINT LEVELS FOR JUNE S&P 500:

Pivot:------------ 1,496.90
1st Support:------ 1,490.60
2nd Support:------ 1,480.40
1st Resistance:--- 1,507.10
2nd Resistance:--- 1,513.40

June Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bullish early 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 early today. Shorter-term technical support is located at Wednesday's low of 830.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Tuesday's low of 824.00. On the upside, short-term resistance is seen at Wednesday's contract high of 839.25. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 845.00. Wyckoff's Intra-Day Market Rating: 8.0

PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:

Pivot:------------ 834.50
1st Support:------ 829.80
2nd Support:------ 825.30
1st Resistance:--- 839.05
2nd Resistance:--- 843.80

June Dow: For today, sell stops likely reside just below support at 13,075 and then more stops just below support at Wednesday's low of 13,005. Buy stops likely reside just above shorter-term technical resistance at Wednesday's contract high of 13,153 and then just above resistance at 13,200. Shorter-term moving averages are bullish early today, as the 4-day moving average is above the 9-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Wyckoff's Intra-Day Market Rating: 8.0

PIVOT POINT LEVELS FOR JUNE DOW:

Pivot:------------ 13,093
1st Support:------ 13,032
2nd Support:------ 12,945
1st Resistance:--- 13,180
2nd Resistance:--- 13,241

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are weaker again early today. Bulls are fading and need to show more power this week.

June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are still bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance lies at 111 16/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 111 24/32. Shorter-term technical support lies at 111 8/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 111 even. Wyckoff's Intra-Day Market Rating: 4.0

PIVOT POINT LEVELS FOR JUNE T-BONDS:

Pivot:----------- 111 17/32
1st Support:----- 111 8/32
2nd Support:----- 111 1/32
1st Resistance:-- 111 24/32
2nd Resistance:-- 112 1/32

June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 108.05.5, and more buy stops are likely located just above resistance at 108.08.0. Shorter-term moving averages are still bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at 108.00.0, and then more sell stops just below support at 107.24.0. Wyckoff's Intra Day Market Rating: 4.0

PIVOT POINT LEVELS FOR JUNE T-NOTES:

Pivot:------------ 108.07.0
1st Support:------ 108.01.0
2nd Support:------ 107.29.0
1st Resistance:--- 108.11.0
2nd Resistance:--- 108.17.0