* JIM'S MARKET THOUGHT OF THE DAY *

Weekly high closes in T-Bonds and T-Notes today would be a bullish clue to better suggest near-term lows are in place in these markets. Any time a market posts a weekly high close, that's a bullish clue heading into the new trading week.--Jim

U.S. STOCK INDEXES

The stock indexes are solidly higher in early morning electronic trading. Bulls still have the solid near-term technical advantage in the indexes, 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 bullish early today. Today, shorter-term technical support comes in at the overnight low of 1,478.80. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Thursday's low of 1,468.20. Upside resistance for active traders today is located at the overnight contract high of 1,486.80 and then at 1,490.00. 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:------------ 1,476.80
1st Support:------ 1,471.75
2nd Support:------ 1,463.20
1st Resistance:--- 1,485.35
2nd Resistance:--- 1,490.40

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 the overnight low of 826.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Thursday's low of 819.00. On the upside, short-term resistance is seen at 830.00. 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:------------ 823.60
1st Support:------ 819.20
2nd Support:------ 814.60
1st Resistance:--- 828.20
2nd Resistance:--- 832.60

June Dow: For today, sell stops likely reside just below support at 12,850 and then more stops just below support at 12,800. Buy stops likely reside just above shorter-term technical resistance at this week'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 to bearish early today. Wyckoff's Intra-Day Market Rating: 8.0

PIVOT POINT LEVELS FOR JUNE DOW:

Pivot:------------ 12,844
1st Support:------ 12,807
2nd Support:------ 12,744
1st Resistance:--- 12,907
2nd Resistance:--- 12,944

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are near steady early today. Bulls had gained near-term technical momentum this week, but faded a bit Thursday. The bulls need a strong showing today to better 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 neutral to 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 Thursday's high of 111 27/32. Shorter-term technical support lies at the overnight low of 111 5/32. 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: 5.0

PIVOT POINT LEVELS FOR JUNE T-BONDS:

Pivot:----------- 111 13/32
1st Support:----- 111 1/32
2nd Support:----- 110 24/32
1st Resistance:-- 111 22/32
2nd Resistance:-- 112 2/32

June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 108.02.0, and more buy stops are likely located just above resistance at Thursday's high of 108.08.0. 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 107.28.0, and then more sell stops just below support at 107.24.0. Wyckoff's Intra Day Market Rating: 5.0

PIVOT POINT LEVELS FOR JUNE T-NOTES:

Pivot:------------ 108.01.0
1st Support:------ 107.27.0
2nd Support:------ 107.22.0
1st Resistance:--- 108.06.0
2nd Resistance:--- 108.12.0