* JIM'S MARKET THOUGHT OF THE DAY *

Trading has turned choppier at higher levels in the U.S. stock indexes. For the bulls to gain fresh technical power, they will have to produce solid upside breakouts from the recent trading ranges at higher price levels. It would not surprise me to see the stock indexes now enter the "summer doldrums" period, when volume wanes and trading ranges narrow.--Jim

U.S. STOCK INDEXES

The stock indexes are lower in early morning electronic trading. Bulls have faded.

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, but is turning down. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical support comes in at the overnight low of 1,527.40. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Thursday's low of 1,518.00. Upside resistance for active traders today is located at Thursday's high of 1,536.80 and then at 1,540.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 4.0

PIVOT POINT LEVELS FOR SEPTEMBER S&P 500:

Pivot:------------ 1,530.20
1st Support:------ 1,523.60
2nd Support:------ 1,511.40
1st Resistance:--- 1,542.40
2nd Resistance:--- 1,549.00

September Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are turning bearish early today. The 4-day moving average is below the 9-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical support is located at Thursday's low of 835.00. 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 Thursday's high of 847.50 and then at 850.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 4.0

PIVOT POINT LEVELS FOR SEPTEMBER RUSSELL 2000:

Pivot:------------ 843.25
1st Support:------ 839.00
2nd Support:------ 830.75
1st Resistance:--- 851.50
2nd Resistance:--- 855.75

September Dow: Sell stops likely reside just below support at Thursday's low of 13,510 and then more stops just below support at 13,450. Buy stops likely reside just above shorter-term technical resistance at Thursday's high of 13,675 and then at 13,700. Shorter-term moving averages are neutral early today, as the 4-day moving average is above the 9-day and 18-day, but is turning down. The 9-day moving average is below the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral early today. Wyckoff's Intra-Day Market Rating: 4.0

PIVOT POINT LEVELS FOR SEPTEMBER DOW:

Pivot:------------ 13,615
1st Support:------ 13,555
2nd Support:------ 13,450
1st Resistance:--- 13,720
2nd Resistance:--- 13,780

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are weaker again early today. Bears still have the overall near-term technical advantage, and gained more power Thursday. Would-be bottom pickers need to beware.

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 bearish early today. Shorter-term technical resistance lies at the overnight high of 106 5/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Thursday's high of 106 20/32. Shorter-term technical support lies at the overnight low of 105 24/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 105 16/32. Wyckoff's Intra-Day Market Rating: 3.0

PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:

Pivot:----------- 106 6/32
1st Support:----- 105 23/32
2nd Support:----- 105 11/32
1st Resistance:-- 106 18/32
2nd Resistance:-- 107 1/32

September U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 104.27.5, and more buy stops are likely located just above resistance at 105.00.0. 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 the overnight low of 104.18.0, and then more sell stops just below support at 104.10.0. Wyckoff's Intra Day Market Rating: 3.0

PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:

Pivot:------------ 104.25.0
1st Support:------ 104.17.0
2nd Support:------ 104.09.0
1st Resistance:--- 105.01.0
2nd Resistance:--- 105.09.0