Monday’s Futures Setups

The fear of a terrorist attack over the 4th of
July Holiday has been on the minds of many traders for the past couple of weeks.
As the holiday ended, the one tragic event at the Los Angeles International
Airport did not spook investors. This morning the Dow Jones Industrial Average
revved up strong and staged its biggest gain of the year, as investors snapped
up bargains.

The September Dow Jones Industrial Average
(
DJU2 |
Quote |
Chart |
News |
PowerRating) gapped open above the Resistance 1 Pivot Point of 9111. 
From there the DJU2 shot up 343 points, or 3.79%, to close at 9392, in an
abbreviated trading session that ended at 1 p.m. EDT. Today’s gains have
replaced two days of losses early in the week, leaving the blue-chip futures
barometer up for the week from a week ago. This is the first weekly gain since
the period ending May 17.

The September Nasdaq 100
(
NDU2 |
Quote |
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News |
PowerRating) index climbed 66, or 6.61%, to 1064.
NDU2 made its largest one-day increase since May 8, but still was negative for
the week. On the intra-day shart, the NDU2 is forming a Bullish island reversal
pattern.

On the Standard & Poor’s 500 futures for
September
(
SPU2 |
Quote |
Chart |
News |
PowerRating) climbed past the Resistance 2 level of 968.80 to close
at 991 up 38.29 or 4.02%.Traders will be looking forward top Monday, to see if
this rally can stay intact over the Weekend.