Sorry, I'm not sure if I got it right. You have only one shapefile in the TOC? And that contains points? What do you mean with image - your ArcMap file or a loaded image file in the map? But then it would appear in the TOC, too, wouldn't it?
If there are several layers loaded and visible in the TOC, you can easily move them up- and downwards there. But I think you know that.
Maybe you can clarify a bit or even attach a screenshot.