* JIM'S MARKET THOUGHT OF THE DAY *

This week's price action makes me more strongly suspect the stock indexes have gone into the summertime doldrums, where volume shrinks, trading ranges narrow and the trends turn more sideways.--Jim

U.S. STOCK INDEXES

The stock indexes are weaker in early morning electronic trading. Look for more choppy trading conditions in the near term.

September S&P 500: 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 is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support comes in at 1,510.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,505.00. Upside resistance for active traders today is located at the overnight high of 1,520.70 and then at 1,525.00. 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:------------ 1,518.00
1st Support:------ 1,508.20
2nd Support:------ 1,502.20
1st Resistance:--- 1,524.00
2nd Resistance:--- 1,533.80

September Russell 2000: 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 average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical support is located at 840.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 835.00. On the upside, short-term resistance is seen at 850.00 and then at Thursday's high of 853.00. 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:------------ 847.60
1st Support:------ 842.20
2nd Support:------ 839.10
1st Resistance:--- 850.70
2nd Resistance:--- 856.10

September Dow: Sell stops likely reside just below support at 13,400 and then more stops just below support at this week's low of 13,350. Buy stops likely reside just above shorter-term technical resistance at 13,550 and then at Thursday's high of 13,590. 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 neutral to bearish early today. Wyckoff's Intra-Day Market Rating: 4.0

PIVOT POINT LEVELS FOR SEPTEMBER DOW:

Pivot:------------ 13,534
1st Support:------ 13,478
2nd Support:------ 13,439
1st Resistance:--- 13,573
2nd Resistance:--- 13,629

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are higher early today. Bulls and bears are struggling for near-term technical control. Today's price action will be extra important, on a near-term technical basis.

September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance lies at the overnight high of 107 7/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at this week's high of 107 18/32. Shorter-term technical support lies at the overnight low of 106 26/32. 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: 6.0

PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:

Pivot:----------- 106 31/32
1st Support:----- 106 23/32
2nd Support:----- 106 15/32
1st Resistance:-- 107 7/32
2nd Resistance:-- 107 15/32

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 105.16.0, and more buy stops are likely located just above resistance at this week's high of 105.25.5. Shorter-term moving averages are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at the overnight low of 105.05.5, and then more sell stops just below support at 105.00.0. Wyckoff's Intra Day Market Rating: 6.0

PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:

Pivot:------------ 105.09.0
1st Support:------ 105.04.0
2nd Support:------ 105.00.0
1st Resistance:--- 105.13.0
2nd Resistance:--- 105.18.0