Friday’s Futures Setups

Another day of choppy
trade gave traders something to smile about. The Sept. Dow Jones
Industrial Average
(
DJU2 |
Quote |
Chart |
News |
PowerRating) started out with a choppy non-conforming
pattern. And then a little after 10:00 AM EST, a breakout gave traders an
opportunity to make some money. By the end of the session, the DJU2 had made a
20-day new high. Breaking above and closing above the 9030 resistance level is
encouraging for traders of the Dow futures. The DJU2 closed at 9040, up 65.

Rallying to a 20-day high has been a challenge
for the Sept S&P 500
(
SPU2 |
Quote |
Chart |
News |
PowerRating), but it continues to rally back from the
July lows. SPU2 is now close to its 50% retracement of 979.15. The Sept S&P 500
futures closed at 961.10, up 8.20.

The Sept. Nasdaq 100
(
NDU2 |
Quote |
Chart |
News |
PowerRating) hit a
20-day high closing at 1052.00, up 15.00 or 1.45%. This was a close above the
38.2% line (1043.68) drawn from the May high to the July low. The Nasdaq 100
futures are eyeing resistance around 1079 and secondary resistance at the 50%
retracement line, 1099.37.

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