* JIM'S MARKET THOUGHT OF THE DAY *

Those of you who have traded markets for any length of time know just how challenging is the endeavor. Achieving sustainable success in trading markets involves having the right frame of mind to be a successful trader. I wrote a feature a few years ago on the psychology of trading. If you'd like to read it, just send me an email at jim@jimwyckoff.com and I'll email the feature back to you.--Jim

U.S. STOCK INDEXES

The stock indexes are weaker in early morning electronic trading, on a mild corrective pullback from strong gains scored so far this week. Dow stock index prices are trading at two-month highs, while the S&P 500 index hit a fresh contract high Tuesday. Bulls have the solid near-term technical advantage and are looking for more on the upside in the near term.

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 neutral to bearish early today. Today, shorter-term technical support comes in at 1,470.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,465.0. Upside resistance for active traders today is located at Tuesday's contract high of 1,482.70 and then at 1,485.00. 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:------------ 1,478.90
1st Support:------ 1,475.10
2nd Support:------ 1,471.20
1st Resistance:--- 1,482.80
2nd Resistance:--- 1,486.60

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 Tuesday's low of 830.30. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 825.00. On the upside, short-term resistance is seen at Tuesday's high of 837.25. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at the contract high of 838.30. Wyckoff's Intra-Day Market Rating: 7.0

PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:

Pivot:------------ 833.75
1st Support:------ 830.25
2nd Support:------ 826.80
1st Resistance:--- 837.20
2nd Resistance:--- 840.70

June Dow: For today, sell stops likely reside just below support at Tuesday's low of 12,750 and then more stops just below support at this week's low of 12,695. Buy stops likely reside just above shorter-term technical resistance at Tuesday's high of 12,845 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 bullish early today. Wyckoff's Intra-Day Market Rating: 7.0

PIVOT POINT LEVELS FOR JUNE DOW:

Pivot:------------ 12,807
1st Support:------ 12,769
2nd Support:------ 12,712
1st Resistance:--- 12,864
2nd Resistance:--- 12,902

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are higher early today. Bulls are regaining some near-term technical momentum today. Stronger closes today would begin to hint that near-term lows could be 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 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 the overnight low of 111 3/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 110 24/32. Wyckoff's Intra-Day Market Rating: 5.0

PIVOT POINT LEVELS FOR JUNE T-BONDS:

Pivot:----------- 110 29/32
1st Support:----- 110 19/32
2nd Support:----- 110 3/32
1st Resistance:-- 111 13/32
2nd Resistance:-- 111 23/32

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 108.00.0, and more buy stops are likely located just above resistance at 108.05.0. 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. Sell stop orders are likely located just below support at the overnight low of 107.24.5, and then more sell stops just below support at 107.16.0. Wyckoff's Intra Day Market Rating: 5.0

PIVOT POINT LEVELS FOR JUNE T-NOTES:

Pivot:------------ 107.21.0
1st Support:------ 107.15.0
2nd Support:------ 107.04.0
1st Resistance:--- 108.00.0
2nd Resistance:--- 108.06.0