* JIM'S MARKET THOUGHT OF THE DAY *

The U.S. Treasuries markets (T-Bonds and T-Notes) have just recently made a good recovery from the recent lows and technical odds are higher that near-term lows are now in place.--Jim

U.S. STOCK INDEXES

The stock indexes are solidly lower in early morning electronic trading, on a corrective pullback from recent gains. Bulls still have the near-term technical advantage in the indexes.

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. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical support comes in at the overnight low of 1,468.20. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at this week's low of 1,461.20. Upside resistance for active traders today is located at 1,475.00 and then at the overnight high of 1,480.80. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 4.0

PIVOT POINT LEVELS FOR JUNE S&P 500:

Pivot:------------ 1,479.40
1st Support:------ 1,474.40
2nd Support:------ 1,468.50
1st Resistance:--- 1,485.30
2nd Resistance:--- 1,490.30

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 bearish early today. Shorter-term technical support is located at the overnight low of 819.85. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 815.00. On the upside, short-term resistance is seen at the overnight high of 827.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at Wednesday's high of 832.75. Wyckoff's Intra-Day Market Rating: 4.0

PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:

Pivot:------------ 829.35
1st Support:------ 825.95
2nd Support:------ 823.85
1st Resistance:--- 831.45
2nd Resistance:--- 834.85

June Dow: For today, sell stops likely reside just below support at 12,800 and then more stops just below support at Wednesday's low of 12,784. Buy stops likely reside just above shorter-term technical resistance at Wednesday's high of 12,889 and then just above resistance at the contract high of 12,910. 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 early today. Wyckoff's Intra-Day Market Rating: 4.0

PIVOT POINT LEVELS FOR JUNE DOW:

Pivot:------------ 12,844
1st Support:------ 12,798
2nd Support:------ 12,739
1st Resistance:--- 12,903
2nd Resistance:--- 12,949

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are higher again early today. Bulls are gaining near-term technical momentum, to begin to suggest near-term lows are in place in bonds and notes.

June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are neutral today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance lies at the overnight high of 111 26/32. 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 the overnight 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: 6.0

PIVOT POINT LEVELS FOR JUNE T-BONDS:

Pivot:----------- 111 13/32
1st Support:----- 111 7/32
2nd Support:----- 110 29/32
1st Resistance:-- 111 23/32
2nd Resistance:-- 111 29/32

June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bullish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 108.08.0, and more buy stops are likely located just above resistance at 108.16.0. Shorter-term moving averages are neutral early today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average, but is turning up. Sell stop orders are likely located just below support at the overnight low of 108.00.5, and then more sell stops just below support at Wednesday's low of 107.24.5. Wyckoff's Intra Day Market Rating: 6.0

PIVOT POINT LEVELS FOR JUNE T-NOTES:

Pivot:------------ 108.00.0
1st Support:------ 107.28.0
2nd Support:------ 107.22.0
1st Resistance:--- 108.06.0
2nd Resistance:--- 108.10.0