* JIM'S MARKET THOUGHT OF THE DAY *

Fridays are extra important trading days. Weekly high and low closes are key bullish and bearish technical indicators. Traders also like to even up positions or take profits heading into a weekend, which can also make for bigger price moves on a Friday.--Jim

U.S. STOCK INDEXES

The stock indexes are weaker in early morning electronic trading, on mild profit-taking pressure from recent gains and ahead of the GDP report this morning. 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 bearish 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 Thursday's contract high of 1,504.80 and then at 1,510.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 6.0

PIVOT POINT LEVELS FOR JUNE S&P 500:

Pivot:------------ 1,501.70
1st Support:------ 1,498.55
2nd Support:------ 1,494.30
1st Resistance:--- 1,505.95
2nd Resistance:--- 1,509.10

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 Thursday's low of 830.50. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 824.00. On the upside, short-term resistance is seen at Thursday's contract high of 839.50. 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: 7.0

PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:

Pivot:------------ 836.20
1st Support:------ 832.90
2nd Support:------ 827.20
1st Resistance:--- 841.90
2nd Resistance:--- 845.20

June Dow: For today, sell stops likely reside just below support at Thursday's low of 13,113 and then more stops just below support at 13,050. Buy stops likely reside just above shorter-term technical resistance at Thursday's contract high of 13,175 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 early today. Wyckoff's Intra-Day Market Rating: 7.0

PIVOT POINT LEVELS FOR JUNE DOW:

Pivot:------------ 13,152
1st Support:------ 13,130
2nd Support:------ 13,090
1st Resistance:--- 13,192
2nd Resistance:--- 13,214

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are near steady early today, ahead of the key U.S. GDP report. Bulls this week have faded and bears have fresh near-term technical momentum.

June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is even with the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance lies at 111 8/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Thursday's high of 111 17/32. Shorter-term technical support lies at Thursday's low of 110 28/32. 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: 4.0

PIVOT POINT LEVELS FOR JUNE T-BONDS:

Pivot:----------- 111 3/32
1st Support:----- 110 22/32
2nd Support:----- 110 14/32
1st Resistance:-- 111 11/32
2nd Resistance:-- 111 24/32

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 108.00.0, and more buy stops are likely located just above resistance at 108.08.0. Shorter-term moving averages are still barely bullish early today. The 4-day moving average is above the 9-day, but is turning down. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at Thursday's low of 107.25.5, and then more sell stops just below support at 107.20.0. Wyckoff's Intra Day Market Rating: 4.0

PIVOT POINT LEVELS FOR JUNE T-NOTES:

Pivot:------------ 107.30.0
1st Support:------ 107.23.0
2nd Support:------ 107.18.0
1st Resistance:--- 108.03.0
2nd Resistance:--- 108.10.0