Monday’s Futures Setups

Next week, there will be
many economic reports coming out that could make a difference in the
markets.

August gold futures (GCQ2)
dropped to 13-week lows today. Two reasons for the drop are less volatile equity
markets and a slightly firmer U.S. dollar. This gave way to the liquidation of
gold contracts and short-selling. Now gold
has a support level around the $300.00 and further down movement could push it
to the $298 an ounce level, its 200-day moving average.

September silver (SIU2)
followed gold to newer lows and returned to prices that have not been seen for
nine weeks at around $4.665 a troy ounce. This is below the previous support
around $4.80. September copper (HGU2)
was a winner after losing seven of the last trading sessions closing at 69.04 a
pound, up .25.

Saving the best for last was the theme for the
broader index futures today. After trading in a fairly tight area, the Sept.
S&P 500 futures (SPU2)
broke out ahead in later less-volatile trade. The S&Ps ended the day going into
the weekend positive at 853.70 up 16.90. The Sept. Nasdaq 100 (NDU2)
also rose despite weakness in the semiconductor sector. The Nasdaq 100 closed up
15 points at 912.

There are positive signs of more upward
movement in the S&Ps. For positive indicators look at the TradingMarkets.com
Market Bias Indicators


Click Here