* JIM'S MARKET THOUGHT OF THE DAY *

The U.S. Treasuries are showing signs of having put in market bottoms recently. Firmer closes today would bolster that notion.--Jim

U.S. STOCK INDEXES

The stock indexes are firmer in early morning electronic trading. For the bulls to gain additional technical power, they will have to produce solid upside breakouts from the recent trading range at higher price levels.

September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is below the 18-day moving average, but is turning up. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support comes in at the overnight low of 1,546.80. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at this week's low of 1,540.70. Upside resistance for active traders today is located at last week's high of 1,553.90 and then at the contract high of 1,557.70. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 7.0

PIVOT POINT LEVELS FOR SEPTEMBER S&P 500:

Pivot:------------ 1,546.70
1st Support:------ 1,542.90
2nd Support:------ 1,536.90
1st Resistance:--- 1,552.70
2nd Resistance:--- 1,556.50

September Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical support is located at 850.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Tuesday's low of 847.00. On the upside, short-term resistance is seen at last week's high of 859.25 and then at the contract high of 864.25. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 7.0

PIVOT POINT LEVELS FOR SEPTEMBER RUSSELL 2000:

Pivot:------------ 853.50
1st Support:------ 849.80
2nd Support:------ 843.30
1st Resistance:--- 860.05
2nd Resistance:--- 863.80

September Dow: Sell stops likely reside just below support at Tuesday's low of 13,693 and then more stops just below support at 13,650. Buy stops likely reside just above shorter-term technical resistance at 13,800 and then at the contract high of 13,825. Shorter-term moving averages are neutral early today, as the 4-day moving average is above the 9-day. The 9-day moving average is below the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Wyckoff's Intra-Day Market Rating: 7.0

PIVOT POINT LEVELS FOR SEPTEMBER DOW:

Pivot:------------ 13,739
1st Support:------ 13,709
2nd Support:------ 13,662
1st Resistance:--- 13,786
2nd Resistance:--- 13,816

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are near steady early today. Bears still have the overall near-term technical advantage, but the bulls are working prices up from last week's contract lows. Bulls still have work to do, but there are some early encouraging signs for them.

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. 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 the overnight high of 107 11/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 107 16/32. Shorter-term technical support lies at 106 24/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 106 16/32. Wyckoff's Intra-Day Market Rating: 5.0

PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:

Pivot:----------- 106 27/32
1st Support:----- 106 15/32
2nd Support:----- 105 29/32
1st Resistance:-- 107 13/32
2nd Resistance:-- 107 25/32

September 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 the overnight high of 105.13.5, and more buy stops are likely located just above resistance at 105.24.0. 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 105.00.0, and then more sell stops just below support at 104.24.0. Wyckoff's Intra Day Market Rating: 5.0

PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:

Pivot:------------ 105.03.0
1st Support:------ 104.27.0
2nd Support:------ 104.16.0
1st Resistance:--- 105.14.0
2nd Resistance:--- 105.22.0