* JIM'S MARKET THOUGHT OF THE DAY *

The path of least resistance for stock indexes remains up, and for U.S. Treasuries down. "The trend is your friend" is a tried and true market adage, and stock index and Treasury traders need to keep that in mind.--Jim

U.S. STOCK INDEXES

The stock indexes are weaker in early morning electronic trading, on mild profit-taking pressure from recent gains. 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 early today. Today, shorter-term technical support comes in at the overnight low of 1,498.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Friday's low of 1494.50. Upside resistance for active traders today is located at the 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:------------ 1,500.10
1st Support:------ 1,496.45
2nd Support:------ 1,490.90
1st Resistance:--- 1,505.65
2nd Resistance:--- 1,509.30

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 Friday's low of 830.25. 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 the 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: 6.0

PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:

Pivot:------------ 833.35
1st Support:------ 838.80
2nd Support:------ 826.75
1st Resistance:--- 838.40
2nd Resistance:--- 841.95

June Dow: For today, sell stops likely reside just below support at Friday's low of 13,110 and then more stops just below support at 13,050. Buy stops likely reside just above shorter-term technical resistance at Friday's contract high of 13,189 and then just above resistance at 13,250. 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: 6.0

PIVOT POINT LEVELS FOR JUNE DOW:

Pivot:------------ 13,158
1st Support:------ 13,127
2nd Support:------ 13,079
1st Resistance:--- 13,206
2nd Resistance:--- 13,237

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are higher early today, on a short-covering bounce after bearish weekly low closes on Friday. Bears have some 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 below the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance lies at the overnight high of 111 7/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Friday's high of 111 14/32. Shorter-term technical support lies at Friday's low of 110 26/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 110 16/32. Wyckoff's Intra-Day Market Rating: 4.0

PIVOT POINT LEVELS FOR JUNE T-BONDS:

Pivot:----------- 111 2/32
1st Support:----- 110 21/32
2nd Support:----- 110 14/32
1st Resistance:-- 111 9/32
2nd Resistance:-- 111 22/32

June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral early today. Buy stops likely reside just above shorter-term technical resistance at Friday's high of 108.04.0, and more buy stops are likely located just above resistance at 108.08.0. Shorter-term moving averages are still neural early today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at Friday's low of 107.25.0, 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:------------ 107.29.0
1st Support:------ 107.23.0
2nd Support:------ 107.18.0
1st Resistance:--- 108.02.0
2nd Resistance:--- 108.08.0