* JIM'S MARKET THOUGHT OF THE DAY *

Friday's sell off in the U.S. stock indexes is a very early clue that price action in the indexes this summer could be more choppy and less trending. Now, the indexes have to push to new highs for the bulls to regain solid fresh upside technical momentum. Right now, the path of least resistance in the stock indexes appears to be sideways.--Jim

U.S. STOCK INDEXES

The stock indexes are narrowly mixed in early morning electronic trading.

September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-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 Friday's low of 1,513.50. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,510.00. Upside resistance for active traders today is located at the overnight high of 1,524.20 and then at 1,530.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 4.5

PIVOT POINT LEVELS FOR SEPTEMBER S&P 500:

Pivot:------------ 1,523.35
1st Support:------ 1,510.70
2nd Support:------ 1,500.85
1st Resistance:--- 1,533.20
2nd Resistance:--- 1,545.85

September Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical support is located at Friday's low of 834.75. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 830.00. On the upside, short-term resistance is seen at Friday's high of 846.25 and then at 850.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 4.5

PIVOT POINT LEVELS FOR SEPTEMBER RUSSELL 2000:

Pivot:------------ 840.55
1st Support:------ 834.85
2nd Support:------ 829.00
1st Resistance:--- 846.30
2nd Resistance:--- 852.05

September Dow: Sell stops likely reside just below support at Friday's low of 13,471 and then more stops just below support at 13,425. Buy stops likely reside just above shorter-term technical resistance at 13,575 and then at Friday's high of 13,635. Shorter-term moving averages are bearish early today, as the 4-day moving average is below the 9-day and 18-day. The 9-day moving average is below the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Wyckoff's Intra-Day Market Rating: 4.5

PIVOT POINT LEVELS FOR SEPTEMBER DOW:

Pivot:------------ 13,504
1st Support:------ 13,473
2nd Support:------ 13,440
1st Resistance:--- 13,537
2nd Resistance:--- 13,568

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are higher early today, on a short-covering bounce. Bears still have the overall near-term technical advantage.

September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is above the 9-day, but is turning down. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance lies at 106 24/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 107 even. Shorter-term technical support lies at the overnight low of 106 12/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 106 even. Wyckoff's Intra-Day Market Rating: 4.5

PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:

Pivot:----------- 106 6/32
1st Support:----- 105 27/32
2nd Support:----- 105 11/32
1st Resistance:-- 106 22/32
2nd Resistance:-- 107 1/32

September 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 105.08.0, and more buy stops are likely located just above resistance at last week's high of 105.13.5. 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 105.00.0, and then more sell stops just below support at 104.16.0. Wyckoff's Intra Day Market Rating: 4.5

PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:

Pivot:------------ 104.27.0
1st Support:------ 104.20.0
2nd Support:------ 104.09.0
1st Resistance:--- 105.06.0
2nd Resistance:--- 105.13.0